10 Things You Should Know About Buying a Condo
People choose to buy condos over single-family homes or to rent an apartment for several reasons. Whether it’s the convenience of a downtown location near shopping and cultural centers, the joys of home ownership without the headaches of yard work, or the affordability factor condos offer versus traditional homes, the factors are numerous.
Is buying a condo right for you? That’s a decision only you can make, but the following may help you be better informed.
1. Condos Mean Shared Responsibility
One of the features of condo living that attracts people to this choice is the sharing of responsibility in terms of repairs and for insurance purposes. Most condominium communities have associations that are responsible for making repairs and upgrades to the building’s exterior features, such as windows, siding and roofs.
2. Condos Often Mean Cheaper Insurance
Due to the fact that a condo association’s master policy covers parts of the home’s structure, condo owners can often find insurance at lower rates than homeowners of single-family dwellings of similar value. Of course, this all depends on the type of master policy the association has purchased. It’s always a good idea to review the association’s policy to determine if you’ll actually catch a break on insurance.
Always speak to an independent agent when purchasing any type of condo or homeowners insurance. Agents on the Trusted Choice network are not beholden to any one insurance company, enabling them to find a number of quotes from a variety of providers, ensuring you will find the best coverage at the most affordable rates. Independent insurance agents on the Trusted Choice network are available in your area and are always available to answer your questions.
3. Condos Can Be More Affordable
In densely populated, urban areas, condos are often a more affordable alternative than single-family homes. It’s not unusual to find a three-bedroom condominium at thousands less than you would pay for a three-bedroom home. If this is your area and you want to buy a home, but can’t afford a house with a picket fence and a backyard, condo living may provide a more budget-friendly option.
4. Condo Buying Still Requires Real Estate Agents
Whenever you shop for a purchase as large as a home or condo, consulting the experts is a must, especially for first-time buyers. Finding a real estate agent who has experience in matching condo sellers with condo buyers can mean the difference between a long and frustrating process and a relatively pain-free one. READ FULL ARTICLE
