Posts from March 23rd, 2020
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What to Consider When Buying a Condo
Owning a home is a goal most of us strive for. Typically, that goal involves a single-family home. But there are other options: most notably, a condominium.
A condo -- short for condominium -- is a dwelling unit that, like an apartment, is usually located in a building with other units. Your neighbors may be above you, below you or next door. The difference between a condo and an apartment is that you own the condo.
So who is most likely to gravitate to condo living? Generally, it's the person who wants to own his or her dwelling but doesn't want to be bothered with maintenance. But there are other factors that may impact your decision about whether buying a condo might be right for you when compared with other Las Vegas homes for sale.
- Fees
Because you are not responsible for the maintenance of a condo, you will pay fees for the cost of the maintenance for the grounds and building. Fees are usually required monthly, bi-monthly, quarterly or annually. While discussing these fees, ask the condo management what sort of reserve funds the condominium association has in case of emergencies. You have a right to know what shape the association is in financially, and a well-run condo association won't mind sharing this information.