What's the advantage when buying a condo?

Asked by Benjamin

3 Answers

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Answered by Ted Erickson, Mortgage Broker in Novato, CA
Advantage as opposed to renting it? As compared to what? | 10.10.15 @ 18:44
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$commenter.renderDisplayableName() — {comment} | 12.06.16 @ 14:25
As a homeowner, the appeal of buying a condo over a townhouse or single family home is essentially the following:
1. The external repairs, maintenance and upkeep is the responsibility of the condo management company. They maintain a master insurance policy for all the condos in the project so you as a condo owner would need limited insurance (a walls in policy) for the inside of your home.
2. Most condos are set up with a single entry security system unlike a home where someone could walk to your front door unless you are in a gated community or have a private gated drive
3. If you're not much of a DIY, you don't have to worry about snow removal, cutting the grass and maintaining the landscape
4. Some condos come with utilities included in the condo fee so you don't get a bill for your water or gas for instance

These are some factors that I can think of but at the end of the day, it is a personal preference | 10.13.15 @ 19:25
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$commenter.renderDisplayableName() — {comment} | 12.06.16 @ 14:25
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Answered by lauren
The responsibility to maintain all of the common elements (everything outside of the unit) falls to the Board of Directors, which may or may not engage a management company. Smaller condo associations often self-manage. Keep in mind that as a condo owner, there are a lot more restrictions on your use of the property. You also have shared financial responsibility and a duty to participate in the governance of the association. There is a lot to know about condo ownership - learn as much as possible before you decide to buy a condo. | 03.15.16 @ 18:23
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$commenter.renderDisplayableName() — {comment} | 12.06.16 @ 14:25
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