![]() With that convenience may come more noise and congestion. Condos are springing up in urban downtowns, and some are even building items of convenience right into the development, including grocery stores, bank branches, and other businesses. Many condos are located in urban settings. One of the first things you need to ask yourself is, " Are you the condo type?" and what exactly does that mean? Being a city-dweller, for one. Condo owners pay monthly fees that cover the cost for ongoing maintenance and repairs of common areas within the complex, such as the grounds, pools, lobbies, elevators, and recreation rooms.A monthly HOA fee could be less than 100 or more than 1,000 in some areas. Fees vary widely depending on where you live, what type of home you have, and what your HOA offers. Secondly, HOA restrictive covenants often include provisions that promote peaceful coexistence and prevent nuisance. ![]() Condo owners will have to abide by the covenants, conditions, and restrictions (CC&Rs) of the complex or risk being fined, forced to comply, or sued. In fact, HOA fees can be an expensive item to include on top of your monthly mortgage payment and probably the biggest disadvantage of living in an HOA community.Loans can be harder to get for a condo because some lenders have strict requirements regarding owner occupancy and loan-to-value ratios.Condos are usually less expensive than single-family homes and have lower maintenance requirements, making them good options for homebuyers on a budget or people looking to downsize.Before buying a condo, it's important to understand the differences between living in a condo versus a single-family home and to determine if the condo lifestyle is right for you.
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