I’ve been living in New York for well over 5 years now, and I can tell you that I’ve lived in my fair share of apartments, and living in a condo is a whole different level of living. As a full-fledged city-dweller and Gen Z, I don’t think living in a home was made for me; I thrive no noise and crowded spaces; this is why I chose to move to New York for college and is why I’m perfectly content living in a condo. Living in a condo is almost akin to living in a home and you have a lot of amenities that you wouldn’t have in an ordinary apartment complex. So, without any further ado, let’s get into the list of things you should know before buying or moving into a condominium.
What is a condo?
Condo is the shortened form of condominium and is found in typically apartment-style buildings, townhomes, or free-standing homes. It is a single unit that is located in a multiple-unit property. The most common condos are one of many single-style units found in high-rise buildings. You own a unit in that complex and share some of the common amenities like the park, pool, gym and playground with the other condo owners. As a condo owner, you should be aware that you have to pay for your own property taxes, interior and exterior maintenance ad utility bills depending on the condo you live in and the contract and terms and conditions you agreed upon before buying place.
Things you should know and be aware of:
1. Consider your lifestyle.
Living in a condo is living in a community, and if you don’t like sharing your space, then a condo is not meant for you. On the other hand, if you don’t like mowing the lawn, washing your driveway, or fixing your HVAC unit or your roof, then living in a condo was made for you. If you dream of having your own place, then a condo might be a temporary space for you and is a transitionary space. Condos are perfect for people who are comfortable sharing a wall with your neighbors, and you must be comfortable sharing other aspects of the apartment complex with your neighbors; of course, your condo is your private space that no one can infringe on.
2. Know what you are looking for
Not all condo complexes will provide the same amenities; though most condos have their own pool and built-in gym, some condo units might not have everything you are searching for. Another thing that you should know, it is not a love at first sight kind of deal, but instead, you should visit a plethora of condos before you finally buy one. Because ultimately, it is the space you will live in and will spend a considerable amount of time in, so you need to get yourself together and not buy anything without looking at it carefully and reading and vetting your contract. Just know that even if you don’t use specific amenities like the pool or gym, they are the perfect deal maker and are a plus when you are going or if you ever think of reselling your condo.
3. Ask about special assessments
What are special assessments? They are extra charges and costs that the condo association imposes to fund any significant project to the building complex. You should know this before buying a condo because this can up the price that you have to pay for your unit. A well-run and professional HOA will usually avoid any special assessments unless this is in extraordinary cases. Ask the HOA for copies of the financial reports for the last financial years and have your accountant or lawyer look at them to get a glimpse of the community prior to signing the contract to buy the home.
As a self-proclaimed city dweller, I don’t see myself living in a home anytime soon, and living in a condo gives me a sense of community that I thrive in, and I love living in noisy places because that is my comfort zone. Sound off in the comments section below and tell us if you want to live in a home or a condo.