Beneficial for first time homebuyers or empty nesters, condos offer the best of both worlds: the chance to build equity and live smaller.
Planned communities have rules, regulations, and monthly HOA (Homeowner’s Association) dues. HOA’s can provide perks such as pools or gyms; cover costs of water, cable, or trash; and could eliminate the responsibility of lawn care and exterior maintenance. It is important to know these monthly dues are not fixed and can increase based on the needs of the property complex.
Here’s the gist: if you’re looking to downsize and avoid expensive home repairs, a condo may be your best fit.
- Condominium should be established
- All units, common elements, and facilities within the project phase must be complete
- At least 50% of the total units must be sold or under contract