Is a condo right for you? Condominium sales have increased in many parts of the country. The three largest groups of condo buyers are people buying real estate for the first time, couples whose children have left home, and retired people buying in a retirement community or buying a vacation home. There are several things to consider when investing in a condo, no matter where it is located or why you are making the investment. In some condo communities, you will share the facilities of the common areas, e.g. hallways, parking spaces, storage areas, clubhouses, swimming pool, and tennis courts with other residents. Therefore, you want to buy a unit in a community where these facilities are properly maintained and secure. Is a condo right for you? Another consideration is the added cost that comes with owning a condo. Most condos charge a monthly Homeowners Association (HOA) fee and condo fee that covers upkeep and repairs. Fees of this nature usually cover such things as water, trash … [Read more...]
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