Condo
Condos are a cross between renting an apartment and owning a home. However, condos are not for everybody. If you have a big family, own many pets, and love big back yards, condo living probably isnt’ for you.
But, if you’re a single young executive, or you’re retired and travel most of the year, then a condo is the right choice for you because of their size and ease of maintenance.
If you’re thinking about purchasing a condo, keep in mind condo living is like apartment living, with the exception that you own your unit.
In an apartment, you are a tenant that must abide by terms of a lease. In a condo, you are not a tenant, but you still must abide by terms of the condo association.
In an apartment, you are only financial responsibility is to the rent and renters insurance. However, in a condo, you might have to pay association fees or levys for building upkeep. This might sound outrageous to some people, but keep in mind that anybody that owns a house must spend money on home repairs. The advantage in a condo association is that building repair costs are shared with the other owners.
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