Buying a condo is very similar to buying a house without the responsibilities of maintaining the exteriors of the house and sidewalks. In addition, you are joining a community with share common areas and amenities.
A condo offers more flexibility than a house in that a condo can range from a studio to as big as 3 bedroom or more apartment units. In addition, a condo is generally less expensive than a house because of the shared costs of roofs and building insurance.
You won’t have to take your trash to the curb each night, instead you can drop it down the refuse room’s chute. When a light goes out or a water leak occurs, you can call maintenance staff to take care of it. The maintenance staff is paid by your condo’s common charges.
Shareholders of the same community follow the same set of rules that benefit the community such as no smoking in common areas, and cleaning up after your dogs.
Most condos are apartment units with adjacent neighbor units. You will be able to get to know your neighbor quickly as you exit from your units.
If you decide to buy a condo unit, examine the condo’s meeting minutes and financial health such as building reserves and units with delinquent common charges. Including by-laws and house rules that you feel are reasonable and not necessarily overbearing on residents.