Owning a condo typically comes with reduced living expenses than what's associated with a single-family home. However, there are still some additional costs to be aware of before making an offer. Since buying a condo typically means that you'll be part of a condo community, you'll need to prepare for the extra costs residents need to pay.
Homeowners Association Fees
As a resident in a condo community, you should expect to pay homeowners association fees. Instead of being surprised by these fees, it's best to check what you'll be paying and what benefits the HOA includes.
Access to a fitness room or swimming pool can make the expense of the HOA manageable when you eliminate the need for an additional gym membership. The HOA typically will cover landscaping, snow clearing if the climate demands it, and pest control.
Understanding all the included benefits of the HOA and the reduced maintenance you need to worry about can make the expense more manageable.
Additional Parking Costs
Depending on the location of the building, there's a chance that parking will come at an additional cost. Living near a city or any area with limited parking can mean that parking will come at a premium. Access to a heated or underground parking garage will likely cost more as well.
Instead of assuming that parking comes included with the purchase of a condo unit, you need to see what to expect for the costs and whether it fits your expectation. Negotiating to have a parking spot included with the sale of the condo can make sure that you're able to get a parking spot without many drawbacks.
Set Utility Bills
The cost of the utilities for a condo can be much lower than with a single-family home. However, you still don't want to be taken by surprise when your bills arrive. Living in a condo can mean that your bills as similar to an apartment unit due to the square footage being comparable.
If you were already renting an apartment, getting an idea of the costs can be easy enough. There's the possibility that utilities are set in place by the condo building. Utilities included in the HOA can eliminate any uncertainties month to month over the expense of gas, electricity, and water.
Eliminating some of your worries over the cost of a condo can be easy with the above tips. Before you make an offer on a condo that matches your criteria, take the time to understand all the expenses involved.
Contact an agent to begin looking at real estate for sale.