Buying a condominium gives you some versatility as a homeowner. It’s typically a compact property with various amenities around the common areas. Living and thriving in a condo, however, is different than buying a single-family home. Learn about the differences so that your purchase is a smooth ride.
- No Worries About the Exterior Elements
As you consider condos for sale San Antonio, one of the major perks is no maintenance on the exterior elements. Single-family homes, in contrast, require constant upkeep. Paint, wood replacement and the like are mandatory. Condos typically have an HOA or homeowner’s association that contracts for the exterior maintenance. Fees for these items are typically in a monthly due. Sit back and enjoy the HOA taking care of any termites or peeling paint. Your condo is covered as long as the dues are paid in a timely manner.
- Working as a Team
Unless there’s a concern about an improvement within the condo, all decisions in and around the complex are dealt with by a board. These members are typically voted on by the community so that every detail can be covered as necessary. From picking a pest-control company to voting on a fence replacement, condo complexes have democratic votes within these boards. Fair prices and reasonable improvements are found with the board’s collective knowledge and reserve funds.
- Understanding Assessments
Condo complexes have a set HOA payment each month. Every year, this amount goes under scrutiny. A major repair might be arising, for example. There’s not enough money with the current dues to cover the cost. A temporary assessment can be put into effect by the board. The resulting cost is usually much lower than carrying the price on your own as a single-family homeowner. Once paid, the assessment is completed and doesn’t arise again unless repairs come up in the future.
- Knowing Insurance Coverage
A tricky area arises with condo living in regards to insurance coverage. In most cases, the HOA has a blanket policy to cover the structure. Any interior spaces, however, are your own responsibility. Walls-in condo insurance is the policy required here. Single-family homes are more straightforward. There’s one policy to cover most damages.
When you speak with a representative at San Antonio Luxury Realty, asking about insurance details is a great way to familiarize yourself with the coverage. Being prepared for most emergencies will protect your investment.
Always follow the condo complex’s rules. They’re designed to keep everyone comfortable and safe. Warnings and fines will only mar your time at the property. Getting along with the community gives you a valuable property that thrills most buyers.
