Benefits of Living in Your Own Condos
Buying a condominium (condo) could be a wonderful avenue to homeownership. Condo ownership could be a somewhat more budget-friendly way for a first-time homeowner to buy a house. And it can be a perfect alternative for individuals who don't want the responsibilities of complete maintenance and upkeep which frequently accompany single-family ownership.
Condominium living may be a perfect lifestyle opportunity for many people but do not be fooled by the apparently carefree picture of condo living. The same as single-family homeownership, condo ownership has unique costs that have to be considered before buying the designer downtown luxury condos.
The basic upfront prices
Let's start with the basic costs of buying and owning a condominium:
· Down payment, private mortgage insurance (usually mandated Depending on the amount of the down payment), mortgage, and property taxes
· Homeowner's insurance
Those expenses may seem as, or longer, costly than buying a single-family home but this isn't necessarily the case. The price of purchase might be significantly lower than for a single-family home. There also may be fewer or lower costs concerning maintenance, safety, utilities, and repairs.
The obvious costs
As a condominium owner, you live in a kind of “commune" in which you own the inside of the condo “into the walls". You collectively co-own the land of this neighborhood – the stairwells, grounds, any distinctive amenities (spa, swimming pool, tennis courts, health club, clubhouse or meeting facilities, etc.) with the other owners of the condominium community.