Know This Before Buying

Like any other kind of home, it comes with pros and cons. In addition, the setup and ownership structure is unique, so it's vital to understand what you're getting into before buying one.

So, what is a condominium?

A condominium is a type of ownership.

What are the pros and cons of owning a condominium?

Today, I wanted to outline some of owning a condo's most prominent pros and cons. To learn more, watch my video as a resource.

Typically, we think of a condo as a type of building. However, sometimes it could look like an apartment complex, sometimes a mid-rise or a high-rise building.

Sometimes, that's true. But a condo is it's the way that you take ownership of the property. So you can have a property that looks like a townhome but is a condominium townhome style.

What is Fee Simple?

You may own the interior walls of your unit, but you may not possess the exterior walls. Sometimes you'll own the unit's airspace delineated by the walls and any improvements you make to that airspace, such as paint, flooring, and cabinets.

What is Tenancy in common?

Everything outside the walls you're responsible for with the other owners of the building depends on how the condominium is set up regarding repair, maintenance, etc.

A reminder, though. Don't do anything with your credit card debt yet if you have it. Wait until you talk to that lender because if you pay it off, it may affect your credit that you're not expecting.

What are the Pros of Condominium Ownership?

Better amenities

You're partnering with other people for the exterior, so you'll likely have some good amenities, like a gym or a workout room or a community room, a swimming pool, tennis courts, basketball courts, whatever, etc.

Purchase cost is more affordable

Often, the purchase price is usually more affordable than single-family homes.

Maintenance

The exterior of the condo is typically well-maintained. You don't have to worry about maintaining the lawn, the exterior, or pay outside of your unit or actual dwelling.

What are the Cons of a Condo?

Higher condominium fees

The purchase price may be much lower, but you will pay much higher condominium fees to maintain the exterior, especially with properties that have an elevator in them. Elevators are expensive to maintain, mainly if it's an older property.

Be responsible for property exterior maintenance

It would depend on how the community is managed of what you're going to be responsible for paying.

Lack of privacy

Some people don't like to be told what to do. Some would rather have no HOA or condominium association telling them you know what they can do and can't do.

Some people are not comfortable having rules to follow.

If you're a home buyer interested in buying a condominium or townhome or single-family home, or anything else real estate-related, feel free to reach out to me.

Dan Rochon here from Greetings Virginia with eXp Realty.

📱: 703-346-2776 or send me an 📧: dan@greetingsvirginia.com.

I look forward to helping you.

Talk to you soon.

If you're interested to learn more about Real Estate Investing or tips and strategies about Real Estate, you can reach me at 703-346-2776 or send me an email at Dan@greetingsvirginia.com. We will be more than happy to help you.

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Buying a Home is Easier than You Thought!

Here's a list of what you need to think about before you buy, and it will walk you through what you can expect from the buying process itself, plus tips to make life easier after you buy your dream home.

Dan Rochon

Dan Rochon is an Associate Broker in VA, Broker in MD; Owner of Rochon Investments, LLC; Owner and Co-founder of www.GreetingsVirginia.com and Owner of other Joint Ventures as well as a real estate principles instructor at Moseley Real Estate Schools.

As a real estate sales agent, Dan and his team are consistently top producers in their marketplace and provide solutions for their clients. Through their investing company, Dan and Traci Rochon have been investing in residential and commercial real estate ventures for more than the past decade.

Dan and his wife Traci are frequent speakers and are often quoted in media stories about the current real estate market. The Rochon's have been featured on The Nightly News with Brian Williams, The Today Show, CNBC, The Washington Post, The Washington Examiner, WTOP News, Voted as The Best of DC Real Estate Agent in the Washington City Paper Readers Poll, and more...