Benefits of Condominium Ownership
Purchasing a condominium is an appealing way to enter the housing market if the cost of a single-family home is out of your reach. Condos are especially popular among single homebuyers, empty nesters, and first-time buyers in high-priced housing markets. Unlike a house, a condo can offer a lifestyle that is free of yard work, exterior maintenance, and repairs. Many condominium communities also offer amenities such as exercise rooms, tennis courts, and swimming pools that you might otherwise be unable to afford if you purchased a single-family home.
Condominium Basics: Individual Space and Shared Space
Specifically, condominiums are buildings in which individuals separately own the air space inside the interior walls, floors, and ceilings of their unit. Jointly they own an interest in the common areas that they share, such as the land, lobby, hallways, swimming pool, and parking lot. In addition to paying a mortgage, each owner is responsible for paying a monthly fee to the condo association, which is made up of the unit owners. The monthly fee covers maintenance, repairs, and building insurance.
Your Condominium Purchase as an Investment
Condos are a good way to enter into homeownership and have become popular investments. The high price of single-family homes and the influx into the housing market of more single homebuyers have made condos relatively hot national investments. They have held their value as an investment despite economic downturns and problems with some associations.
Condominium associations have also worked hard in recent years to clean up their image. Disputes and lawsuits were once rampant, but now associations have become savvier about property management and have taken steps to prevent legal problems and disputes.