If you are thinking about purchasing a condo in lieu of a single family home, there are some things to consider. First and foremost, you’ll want to check out what the HOA fees cost and what they cover. It will always be variable depending on the community. Some fees may just include a community pool and outdoor maintenance, while still others may provide a concierge service, a guarded entry, full utility coverage, and other services which would warrant a higher HOA fee.
One of the nice things about purchasing a condominium is that they will typically cover the maintenance of your roof. A roof is considered a big ticket item. But on the other hand, the HOA fee is not something which feeds directly back into the equity of your property like your mortgage should. The HOA fee would also impact your affordability when it comes to obtaining a mortgage, as the additional fee is another factor your lender will consider. But the bottom line is that condominiums are not a “better” or “worse” investment than a single family home. It all just comes down to your flexibility, what you’re comfortable with, and why you’re purchasing the property in the first place.
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