Living in a Condo

Owning a condo is very different from owning a house. When you purchase a single-family residence, you usually own the land as well as the structure. When you purchase a condo, basically, you only own the airspace in your unit.

On the plus side, condo owners never have to worry about shoveling snow, mowing the lawn, killing weeds, or fixing the roof. They also usually have a swimming pool to use whenever they wish, without having to maintain it themselves. Their condo fees cover the cost of maintenance.

One advantage that is also a disadvantage is the close proximity of your neighbors. While this is good when you are out of town, it can also be annoying when your neighbor decides to blast his stereo at 2:00 a.m.

Some things to keep in mind when you are considering buying a condo are:

• Do you want pets? Many condo associations limit the number and size of pets, and some do not allow pets at all.
• Do you need a lot of storage space? Condos don't have a lot of it.
• Future plans - if you are thinking of starting a family, will the condo be large enough for your needs?

Of course, other considerations for condo living include the fact that condos have a lot of rules and restrictions. You should take a look at the rules before you commit to buy. If you don't think you can live with the rules, maybe you shouldn't buy a condo. And if you have always dreamed of painting your home green, you probably won't be able to do that to the exterior of your condo. Very strict rules apply to the exterior appearance.

Another thing to keep in mind when budgeting for condo living, is that you will be paying association fees each month in addition to your mortgage. You cannot afford to forget this important expense.

Condo owners have to share many things, and they also must refrain from sharing other things. You may like wind chimes, but if your neighbors do not, you might have to remove them. Similarly, everyone in your building may share the same hot water heater, so there may be times when you're stuck with a cold shower. It is important to find out everything you can about the property you are considering before making your purchase so you can know for sure whether condo living is right for you.