Purchasing a home is without a doubt the most exciting thing that can happen to anyone. It is the single largest purchase you will make in your life. Many people chose to purchase homes because they are tired of paying someone else's mortgage by paying rent each month.
There are a lot of people who want to take the plunge and purchase a home but they are afraid of what it entails. They may feel like they are biting off more then they can chew. Along with the mortgage payments, there will be repair bills, on top of the monthly bills, upkeep on the home and property, and if you live in an area where there is inclement weather, there will be snow removal, and seasonal clean up. It is enough to scare anyone into staying a renter.
It does not have to be like that; many people choose to purchase a condominium as their first home to find out if it is really what they want. There are many benefits to purchasing a condo, the greatest being that you will not have to do any of the outside maintenance on the property.
When you purchase a condo, there will be a monthly fee to the condominium association. This fee is different from your mortgage; it is a fee that each community charges each condo owner.
You may think that the association fee is just an added charge that is not needed, however when you stop and think about what it covers, you may change your mind about the added expense.
Condo association fees cover every type of maintenance emergency that comes up. This can be very cost effective if a roof needs to be replaced. The owner does not incur any of the expense. This makes the association fees very reasonable.
The association fees also cover any snow removal and upkeep of the outside property, meaning that the owner does not have to shovel snow or rake leaves.
There are many benefits to purchasing a condo.
Starter home - condominiums make an excellent starter home. You are able to upgrade the inside to whatever you want, and when you make your payments on time, you are building your credit rating so when you are ready to sell, you will receive a better interest rate.
Amenities - They have great amenities, whether it is a pool, fitness center or both, you will spend countless hours with friends and family.
Parking - most properties offer off street parking, this is a great benefit if the area has limited or no parking at all.