So, you are a first-time homebuyer or maybe an investor thinking that
now is a great time to take the plunge and buy that condo you’ve been
reading so much about…and, the price is so low and you just don’t think
you’ll ever get a better deal. Should you do it?
When someone buys into a
condo association, a large part of the appeal is
feeling that the monthly
condo fees that they pay will cover the
majority of maintenance issues and responsibilities that come with home
ownership. Many people feel as if the condo fee is in
effect “budgeting” for these items, so instead of all of a sudden
having to pay for a large expense, such as a roof replacement or a
siding repair, these things are accounted for in the monthly condo fee.
Most condo fees will cover exterior maintenance and common area
maintenance, lawn mowing and even some even cover utilities and taxes.
For harried homeowners balancing full-time jobs, family and travel, the
promise of easy living and a predictable condo budget is a huge draw. What
happens though when the market starts to turn downward and your fellow
condo owners can no longer pay their monthly fees or you move into a
new building and the rest of building doesn’t fill up as expected? “The
New York Times” writer, Christine Haughney also reports “Bargain
hunters say that they are reluctant to buy into a building even when
the upfront cost seems low because they might have to pay unexpected
fees as distressed neighbors default on their mortgages or just stop financing for condo association fees that cover everything from taxes to pool
maintenance to air conditioning repair.”.
So, what should you do, is it time to put away your
dreams for a maintenance-free existence? With a little
bit of research and fully taking advantage of the condo bylaws that are in place for buyers, you can get
enough information to know if purchasing a condo is the right decision
for you.
