If you are thinking about condo living then you will find a great way of life. You will get all the benefit of owning or renting your own home and the outside maintenance work is then not just your own responsibility it will be divided by the total number of condos in the complex.
Living in a condo will mean that you will need to be a part of a HOA, this is the home owners association, and it will be the decision making portion of the complete condo building. These associations are there to make sure that all the ground work and maintenance work is completed and paid for. They are normally those you will turn to if you have a problem or an issue. It is a great way to become a community and knowing who you are living with.
The agreement that you will be signing when you move into your condo will specify the monthly or annual contribution that you will need to make to pay for the upkeep of the building. If you chose a condo that is close to amenities and transport connections expect that your maintenance charges to reflect this. The further away from these tend to create a lower HOA charge on the property.
Finding The Right Condo
Once you have found the perfect condo that will meet your needs and you feel that the HOA is working to maintain the building. The fun will then start from the moment that you move into your new home.
Home Owner’s Association Pros
Condo means a common ownership, and this reflects what you are buying into. You are buying a part of a property and you will need to be aware of any implications before you sign ownership documents. Shared ownership will mean that you will be jointly responsible for the upkeep of the building and communal arrears. If on viewing you find that the communal arrears are not clean or the building is looking in need of repair then the HOA is not working and you will need to find out why. It might not be the property for you.
Common Ownership Pros