Is Buying a Condo Right for You?

Looking for a place to call your own but without some of the traditional hassles of home ownership – like yard work? Then you may want to consider purchasing a condominium. Condos are popular for a number of reasons including size, location, amenities and, of course, limited lawn care and maintenance responsibilities.

Only You Can Decide

Based on your lifestyle, your budget and your personal preferences – if condo living is right for you. To help, we've devised this condo readiness quiz:

• Do you want or need to minimize the time you spend on yard work and household maintenance chores?
• Do you favor "extras" such as a swimming pool, fitness center, party house or storage facility?
• Do you need to reduce your monthly mortgage expenses?
• Are you comfortable paying a condo fee (averaging $200-$700 monthly) in exchange for upkeep of common areas, including snow plowing, leaf removal, parking lot maintenance and lawn mowing?
• Are you willing to submit to the rules and regulations for your community set forth by a condo board?

Condo Living May Be In Your Future

If you answered yes to one or more questions, condo living may be in your future. Consider the following next steps:

• Look at both single-family homes and condos before narrowing your selection.
• Talk with current condo owners to get a feel for the pros and cons of condo living.
• Ask for specifics about condo fees, rules and regulations (Some condo boards assess additional charges for maintenance work outside of routine maintenance).
• Talk with Neil Gibbs to learn more about other things you should know before buying a condo.
• Relax and enjoy looking at your options. There's no substitute for diligent research and self-reflection.