Condos Versus Traditional Homes

by : Adam Coyle

For quite some time, traditional homes literally owned the real estate market. But, times they are a changin'. Today's home buyer has a few more options available to them that are equally as valuable and have their own distinct advantages and disadvantages just like a traditional home. Condos have been on the rise in popularity for quite some time now and are as diverse in theme as the imaginations that design them. This article will examine some of the differences and benefits that condo ownership offers as well as detail some of the additional fees and services that are included in most condos.

The term "condo" can apply to several different types of housing, the main similarity that all condos have is the fact that the building they are in or the property that they occupy is joint-owned by everyone who owns a unit. Typically there is also an association of some sort that is charged with making decisions that affect the building or property. This is a group made up of owners and they are charged with making rules and decisions and ensuring that policy is followed. Getting aquatinted with a given condo's association is usually a good idea before purchasing a unit.

Another aspect of condo ownership that must be noted is the monthly fees. This is separate from any mortgage fees that must be paid. These fees are collected to fund the upkeep of the building and it's services. As the individual owners are also the owners of the property itself, the responsibility falls to them to ensure that the building and property is tended to. These fees are collected by the associating and allocated according to need.

One of the most attractive aspects of condos is that they are able to offer amenities that under most circumstances, would be extremely expensive to attain in a standard housing situation. Many modern condos come ready built with pools, fitness clubs, activity rooms, spas and more. Another current development is the creation of condo and community living developments that are a part of a country club. Typically the purchase of a home or condo in these developments includes a membership to said country club.

Condos have evolved to encompass numerous different kinds of housing situations and by all indication they are quickly gaining value. Stereotypically condos have a lower starting price than standard homes, but that being said; there are condos that can reach well into the millions. Take some time and do the homework, a new condo may just be the housing situation that you have been looking for.