| In my local town area more home buyers purchase | | | | or a curse depending on your neighbors but all in all it |
| condos than purchase single family homes. Why was | | | | should work out okay. |
| that? Could it be because the average price of a | | | | The ugly side of living in a condo is: |
| condo is little bit over two hundred thousand dollars? | | | | - The over-abundance of rules, regulations and fees. |
| I think so, so in this article I will give you some key | | | | - Generally speaking, you probably paid less when |
| differences and some pointers to help you determine | | | | you bought so you also make less when you sell. |
| which route you should take. | | | | - Big brother or neighbor is always watching and |
| Now, everyone is familiar with the single family house | | | | listening. |
| and condo. However there are three types of | | | | - You must pay those fees each and every month |
| housing structures which are broken down into | | | | or get fined. |
| communities. This means when you buy into a | | | | Townhomes (Or Townhouses): When you buy a |
| community there are certain responsibilities the | | | | townhouse you are actually buying more ownership |
| community at-large provides for you and then there | | | | than when buying a condo. So you should expect to |
| are certain responsibilities you perform for the | | | | pay more for your townhouse than you would for a |
| community, mostly in the way of paying their | | | | condo. |
| monthly fees. | | | | Here is why. |
| The three major type of housing communities are: | | | | With a townhouse you actually get title of ownership |
| condominium associations, planned development | | | | to the building and the land upon which it sits. |
| associations (PUDs and townhomes) and co-op | | | | Sometimes the only visual difference between a |
| associations. I will break down the benefits of buying | | | | condo and the townhouse is that the townhouse is |
| one of these so you can get a good understanding | | | | usually vertical with two floors, but that is not always |
| of each community if you are considering going this | | | | true. You should check the title at city hall to be sure. |
| route. Condominiums When you buy a condo you | | | | Co-Ops: The Good, The Bad And The Ugly: When |
| own the inside of your home, but not the common | | | | buying a co-op you are really buying shares of a |
| areas such as swimming pools, stairwells, gardens or | | | | corporation that in turn owns the building you are |
| sidewalks. Those areas belong to everybody. Owning | | | | living in. This really means that you are renting from |
| a condo makes sense because: | | | | the corporation and as a result are bound by rules. |
| - Lower Sales Price - Usually you can get a better | | | | Sometimes these rules seem only one step removed |
| deal on a condo than on a single family house in a | | | | from renting. As a result of buying shares of the |
| near-by neighborhood. | | | | corporation you are required to vote in order to |
| - Less Work For You As A Condo Owner - The | | | | make any real changes. And of course you must pay |
| condo association takes care of regular upkeep and | | | | a monthly membership/maintenance fee. As a |
| maintenance so you don't have to. | | | | first-time homebuyer you should probably steer clear |
| - Being Part Of A Community - this can be a blessing | | | | of co-op. |