Owning and living in a condo is quite different than a single-family home. Understanding the pros and cons in advance of making your move to a condo is important for a happy transition. The most important difference? You’re part of a Condo Association and you have to follow its rules.
The Association also takes care of maintenance, such as exterior painting and landscaping. Regular maintenance costs and expenses like water, sewage, and garbage are often included in your monthly Homeowners Association (HOA) dues.
A portion of your HOA dues is set aside for reserves to handle things like a roof replacement. However, if the reserves are not adequate, you could get a special assessment. That will be split among condo owners to cover the needed repair. Look closely at the reserves before you buy.