When it comes to taking out home loans, there is no shortage of options on what types of properties to purchase. Some buyers may be hoping for a detached house with a yard, while others might prefer the simplicity and convenience of a condominium. If you find yourself in the latter camp, it's important to understand the ins and outs associated with purchasing a condo.
What is a condo?
A condo acts like a combination of a private home and an apartment complex. An owner's residence is owned privately, but common areas are owned collectively by all of a complex's residents.
Condos also feature associations that manage common areas and certain aspects of all properties.
Benefits of a condo
In areas with high property values, a condo can offer the comforts of home ownership at a more affordable price. Additionally, for buyers who may not need an excessive amount of space, condos offer tax incentives available to homeowners without worrying about constant upkeep and maintenance of a large property.
Condos are also often located in convenient, central areas that are close to offices, shopping centers, restaurants and entertainment venues. Continue reading