When it comes to money, fees, and financial issues, condo ownership is often misunderstood. Whether you’re a current condo owner, or considering being one, it’s a good idea to be clear about the costs that might come along with your new home.
Investopedia.com offers highlights of some of the most common misconceptions. First, a condo is a shared ownership model, so you and other owners will share in the costs of maintaining the building. These costs, along with the costs for heat, water, sewer, garbage collection or even cable TV, can be included in the condo fee. Sometimes, your condo association will levy a Special Assessment, which may require additional funds for an unexpected building expense. In some condos, fees go up frequently, which could be a sign of poor management.
The bottom line?
Review condo documents carefully before buying. Better yet, contact Vanguard Realty Associates. We’ll steer you towards condos that are well managed and help clarify any misconceptions about the true cost of ownership.