A condominium is a system of ownership of individual units in a multi-unit structure, combined with joint ownership of commonly used property (sidewalks, hallways, stairs, etc.).
Simply put, you own your unit and a percentage of the common areas. An HOA (Home Owners Association) fee is usually collected monthly to cover maintenance costs of the common areas as well as the exterior building. Additional costs, such as all utilities, may also be included. Before purchasing a condo, be sure you understand all costs included in the HOA fees. HOA fees can add up to several hundred dollars a month!
Those HOA fees mean the convenience of no responsibility on the homeowner’s part to contribute to maintenance and upkeep. And the amenities can be quite luxurious. Some condos offer fitness rooms, pools, and rec rooms.
Unfortunately, HOAs establish limitations on remodeling your condo. Because of common walls, there may be noise policies in place after certain hours. Further, you may find pet restrictions. So, as you can see, before you consider purchasing a condo, there are a few things you should check into.
If you’ve got questions about condos or about buying or selling any type of home in metro Albuquerque, be sure to contact me today!
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