You Are Responsible For The Upkeep Of The House, Its Exterior And Yard, If Any

Category: Finance, Real Estate.

Many people don' t realize that there is a big difference between buying a condo and buying a house. When you buy a house, you are purchasing not only the actual home, you are also purchasing the land it sits on.

Depending on your home owner style, you may prefer to buy one or the other, but the fact is, going with a condo may actually be the better idea. You are responsible for the upkeep of the house, its exterior and yard, if any. While you can customize the exterior of a house fairly easily and usually without complaints, you have to decide if this is important enough to take on the responsibility of a house. This can get rather expensive, in general, and, houses are more expensive to buy than condos. Condos, on the other hand, are homes that share common land and walls. When you buy a condo, you are purchasing the interior and will become part of a homeowner's association.

Though there are now instances of detached condos, the majority are still built in rows, with a common, somewhat like townhouses wall between them. The homeowners are jointly responsible for the property, requiring you to pay a monthly fee for upkeep and maintenance. Each homeowner's association will have different rules and the paperwork can get pretty lengthy. It's important to read the legal documents carefully because there are a lot of rules that go along with joint ownership of the condo complex. There may be regulations against changing the exterior appearance of your home, even by planting flowers. That being said, there are some distinct advantages to purchasing a condo, over buying a house. If you don' t do well with such strict guidelines, you' d be better off looking for a place that has looser ones.

For busy home owners, not having to actually deal with the upkeep and looks of their home can be a very good thing. In addition, condos tend to be cheaper to buy, in part because of the monthly fee requirement and in part because they are smaller than a regular house. In some cases, utilities such as water, gas and electricity are included in the monthly homeowner's fee, meaning a big savings in the long run. Still, a condo is an excellent choice, single people or, particularly for young young couples who are looking for something comfortable that requires minimal upkeep. You have the benefits of home ownership, without all the responsibilities that go along with owning property. This can be an excellent way to start out your life in your own home. Security and living stability, but the maintenance is taken care of.

Just be sure to look carefully at the documents before signing anything and you' ll be fine. Condos are not right for everyone, but they can be a good choice for anyone looking to own a place without having to take care of it much.