Do you want to own a house but want a smaller living space? If that’s the case, purchasing a condo unit might be better than buying a traditional home.
Plus, there are benefits to owning one, too; for instance, unit owners typically take advantage of shared amenities, and the condo association is in charge of the building’s maintenance.
Are you wondering if a condo is the right property purchase for you? This mini-guide will teach you everything you need to know about purchasing a condo unit and give you tips on what to look out for.
A condo is a privately owned single unit within a community of other units, typically an apartment-style building or townhome. In general, the unit owner typically owns the interior of their unit and the structural components of exterior walls.
Condo owners share common areas such as gyms, swimming pools, elevators, parking garages, and hallways. Condos can be in a shared structure like a high-rise building or multi-story building.
Condominiums don’t come with the same freedom as a traditional home. Condo owners must follow the community’s house rules, and you must know what these entail before purchasing a unit. For example, it’s common for condos to have noise restrictions.
Buying a condo unit is much cheaper than a three-bedroom family home in a subdivision, so owning a condo is a much better option for single homeowners who don’t have enough money to purchase a house on their own.
Owning a condo is typically cheaper than owning a home; however, condos charge ongoing association fees monthly, quarterly, or yearly for the upkeep of the property and its maintenance.
Condos are usually located near urban centers, which are great locations for owning properties. It gives you the advantage of owning an in-town apartment.
Compared to owning a single-family home, you’ll get access to amenities that you won’t likely afford, like gyms, pools, sports facilities, function rooms, and clubhouses, to name a few.
Since the condo association handles those, you don’t have to worry about maintenance and upkeep.
Condos are more affordable than single-family homes yet still gain value over time. This gives couples and small families just starting out a chance to own property since monthly mortgage payments are more affordable.
You’ll have greater security when living in a condo. Aside from security people, condos typically have an additional locked entrance.
We know that purchasing a condo is a significant financial investment, so doing your homework is crucial. Our team of mortgage specialists will help you secure the best loans available and guide you throughout the mortgage application process. If you’re ready to take the next step, give us a call today.
We've been helping customers afford the home of their dreams for many years and we love what we do. Licensed in NY and Florida
Company NMLS: 5947
Fidelity First Mortgage Corp is a registered Mortgage Broker with the NYS Dept of Financial Services. And with the Florida Dept of Financial Services. All loans are arranged through 3rd Party Lenders.
3974 Amboy Road Suite 302
STATEN ISLAND, NY 10308
Phone: (718) 759-1035
Fidelity First Mortgage Corp strives to ensure that its services are accessible to people with disabilities. Fidelity First Mortgage Corp has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.
Fidelity First Mortgage Corp makes available the UserWay Website Accessibility Widget that is powered by a dedicated accessibility server. The software allows bestrateone.com to improve its compliance with the Web Content Accessibility Guidelines (WCAG 2.1).
Fidelity First Mortgage Corp accessibility menu can be enabled by clicking the accessibility menu icon that appears on the corner on the page. After triggering the accessibility menu, please wait a moment for the accessibility menu to load in its entirety.
Fidelity First Mortgage Corp continues its efforts to constantly improve the accessibility of its site and services in the belief that it is our collective moral obligation to allow seamless, accessible and unhindered use also for those of us with disabilities.
Despite our efforts to make all pages and content on Fidelity First Mortgage Corp website fully accessible, some content may not have yet been fully adapted to the strictest accessibility standards. This may be a result of not having found or identified the most appropriate technological solution.
If you are experiencing difficulty with any content on Fidelity First Mortgage Corp website or require assistance with any part of our site, please contact us during normal business hours as detailed below and we will be happy to assist.
If you wish to report an accessibility issue, have any questions or need assistance, please contact us by sending an email to: Greg@BestRateOne.com