Condominium living is a great way to enter the housing market. Or, it’s a great way to downsize.
Either way, a condominium offers entry into ownership within a community. Unlike a detached home, in a condominium, many of the maintenance issues are taken care of by the association. This includes such expensive items as roofing, exterior surfaces and structures, windows, and landscaping. With someone else to handle the big stuff, that leaves you free to make the inside your home.
Some condominiums regulate a certain level of changes or upgrades to the interior, but typically, you are free to paint or wallpaper, hang drapes or blinds, and other non-structural improvements.
The same is true of any backyard area. You may be allowed to add pavers, a hot tub, or a play area in your private backyard. But there likely are limitations or specific regulations regarding the fences or walls that you share with your adjoining neighbors.
Condominiums come in various shapes and sizes. Some are more like townhomes with a ground-floor entry. Others enter through a shared lobby with elevator access. No matter what type of condominium you buy, you’ll have Conditions, Covenants, and Restrictions (CC&R’s). These are the rules that govern the property. And, you have an association. Every owner automatically gains membership in the association. There is no provision to “opt-out.”
To cover the costs of exterior maintenance and landscaping, and other costs such as insurance, the association charges dues. They typically accrue once a month and should be considered part of your regular housing cost. In some instances, the association dues accrue annually. When you purchase the condominium home, part of the paperwork should include a copy of the CC&R’s and a breakdown of the dues and their payment dates.
To learn more about condominium living, take a look at this Bob Vila article on condo pros and cons. Or check out these newest to the market condominiums available in Morgantown. Then, let us set up a tour for you. Connect with us here.