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Many people enjoy being a part of a tight community, and for those people, a condo can be the ideal home. While there are many options available on the market, a condo comes with its own advantages. If you are planning to purchase a condominium, here are the most important things that you should know.
A condo, short for condominium represents a piece of property that you share with owners of other units. While you do own your own unit, owners collectively own common areas, as well as common utilities and amenities. For example, you could share with the others the hallways, the laundry rooms, the elevators and so on.
Many people enjoy living in a community and choosing a condo means that you don’t have to worry that you are on your own. For example, you don’t have to handle maintenance. All you have to do is pay association fees, and someone else will take care of your shared property. This includes exterior maintenance, lawn maintenance, and other similar things.
When you purchase a condo you should remember that there are documents, rules and fees that exist only for condos. Therefore, when you choose a real estate agent, you should make sure that he or she has plenty of experience with selling condos. You want to work with someone who has done this before so that you can receive the guidance that you need during the process.
When you are choosing a condo, you need to know exactly what it includes. For example, if you are searching for condos in Denver, the price is very important, but you need to take into account other details too. For example, does your condo offer you additional storage or do you have a reserved parking spot?
If you do receive a parking spot you should ask other questions as well. You need to know whether there is additional parking if someone comes to visit you, and you should also find out whether your parking spot is in a garage or not.
As we mentioned before, most condo communities have their own association fees. Before you purchase a condo you need to find what kind of fees you will have to pay. The fee can be monthly, quarterly, bi-annual or even annual.
When you are paying association fees you need to know what they will cover. Talk to your community and learn how the fees are divided. It is recommended that you choose a community that has a lot of funds, so it will be prepared for any situation.