Condominium is a type of property ownership, not just a style of home.
When buying into a condominium complex, your home will usually cost less
and you often won't have to worry about snow shoveling or lawn mowing, or
major exterior maintenance like fencing or the roof. Condominiums can also
come with extras like a security service or recreational facility. Of
course, you should be prepared to pay a monthly maintenance fee. This
fee goes into a collective cash reserve that is used to cover property
maintenance, repairs, replacements and insurance.
Before you purchase a condominium home, do your research. Find out the
value of the cash reserve and upcoming projects which the reserve will
fund. Ask about annual increases. And compare the maintenance fee to
similar condominiums in the area.
