Buying a condo has many benefits and additional considerations, including:
- Location and proximity. Lots to do within walking distance! Condo living often offers close proximity to dining, nightlife, the arts scene, entertainment and shopping.
- Amenities and condo features. Many condo developments feature green space, heated indoor parking, concierge services and common areas such as, theater, game and community rooms.
- Low‐maintenance and easy lifestyle. There is no yard work or snow removal to do. This is especially appealing to snowbirds who can simply lock up when they head south for the winter.
- Security and peace of mind. Living in a secure building with safety features that include locked entries, cameras and concierges is important to many condo owners.
- Monthly association dues. Verify that the association fees are within your budget. Some properties charge much more for common fees than others; it’s not standard across condominium developments. Many real estate listing sites will have a section marked HOA with the monthly charge.
- Assessments and reserves. Special assessments may be charged by a Homeowner Association (HOA) to cover condo building repairs (like a new roof, seismic upgrades, or siding repairs) that exceed the amount in the current HOA account. The older the building and depending on cash reserves, you may need to inquire about upcoming projects and the amount of reserves.
- Association rules. Condo associations can have various rules. Some of them may include quiet hours, restrictions on pets, lawn ornaments or parking. It’s up to you whether the choice makes sense for your life style