Is Condominium Ownership Right for You?
Evaluation Checklist: Is Condominium Ownership Right for me?
If you answer “yes” to most of the following, then buying a condo may be a smart move for you.
For all Condominium Dwellings
- I like the fact that a condominium is an “instant community” and my neighbors won’t be far away.
- I want to participate in the running of the community with other condominium owners.
- I don’t want the hassle of shoveling snow, cutting grass, and other outdoor chores.
- I’ll use some of the condominium’s amenities.
- I understand that I will pay monthly fees for maintenance and repair of the condominium and will budget accordingly.
- I know there may be restrictions on the number of occupants in my unit, pets, noise, parking, etc.
- I’ll read through the condominium’s documents before I buy so there’ll be no surprises.
- I understand that a board of directors can make decisions on my behalf.
Also, for Condominium Apartment Units
- I’m an empty nester or single and would be satisfied with the space provided in a condominium apartment.
- I’m reassured by the building’s security measures, such as entry buzzers and video surveillance cameras.