Owning a condo, just like any other property type, comes with its own benefits and pitfalls. If you’re having some difficulty deciding whether or not condo living suits your lifestyle, below are some important things to consider:
The social aspect
There’s a social aspect attached to a condo lifestyle. Different condo complexes have different environments, so the key is to choose which one is right for you. For example, if you’re searching for a more relaxing setting, you may want to find a more family-friendly complex, rather than one filled with raucous college kids.
Consult your real estate agent, or introduce yourself as a prospective buyer and ask your potential neighbors what it’s like to live there.
In addition to paying mortgage, you have to consider paying other fees such as condo association fees and homeowner’s insurance. Since a condo has shared amenities, these fees are used for general upkeep and maintenance. They are also there to cover major situations that affect the entire complex, such as storm damage, repairs, and so on.
Keep in mind that you’ll need to pay these fees as long as you live in the condo complex.
Each condo has a set of rules and bylaws called “covenants, conditions, and restrictions,” simply known as CCR. The CCR is an official document that is handed to buyers before they purchase the condo unit. It contains various information regarding parking slots, pets, fees, and other specifics.
In case you have some questions about the CCR, it’s best to consult a lawyer or your real estate agent and have them go over the document to see if there are any items that may be considered deal breakers.
If you’ve decided that condo living is ideal for your lifestyle, start your search by taking a look at some of the available condos in Fairfield County.