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Why Condo Fees Can be a Good Thing
Buying a condo instead of a house? Usually this is a question of lifestyle but there is a lot to consider when you decide to buy a condo. You will have to look realize that with a condo also comes fees that will quickly add up. Buying a condo is not like buying a single piece of land, you are getting a piece of the pie instead. In order to maintain the common areas you are charged a condo fee. Common areas include the roof, walkways, landscaping, swimming pool, party room, fitness room, etc. A budget to upkeep all of these amenities is created and the cost is divided amongst all the condo owners.
Why this is a good thing....
The average home buyer purchases a home thinking that they will have no more costs and don't budget for contingencies. What if the roof needs repairing 5 years from the date of purchase?
Will the money be available? Such disasters often cause people to have to sell their homes or borrow in order to pay for the upkeep. With condo fees these types of surprises have already been thought out limiting exposure or great financial loss.
Posted by Tom Chambers on February 21, 2007
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