Condo Buyers Guide

By: David Hoffman

Condos have become one of the singular most popular styles of home in past years. With this popularity has come a variety of different condo types and styles. If you are looking to buy a new condo its a good idea to educate yourself on precisely what it is that you are getting for your money. The types of condo that are now in production range from high-rise or low-rise, town homes, duplexes, single detached, stacked town homes, freehold plots and a number of developments that also feature areas for commercial interests. Condos differ from typical apartments in that as a condo owner you also own a percentage of the building itself.

This also makes you partially responsible for the general upkeep of the building. This is usually covered under the monthly condo fees paid by all owners.

Another thing you should make sure of when buying is what is considered to be your "exclusive use common property elements." This usually refers to things such as balconies, storage lockers and parking spots and other common areas. Careful as there may be some restrictions concerning these areas so it is best to find out what they are (if any) at the outset. Its also a good idea to get in touch with the home owner's association or condo association as these groups exist in most condos. These group are a great source of info on what life is like in a particular condo complex. Get familiar with the development's rules and regulations prior to buying as these things can be surprising to someone coming from a home ownership situation. Remember, that the rules are there to ensure the safety of the unit owners and to preserve the condition and well-being of the building itself.

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