Condo or Home – The Difference
Let’s talk a little about the major points right here.
Ownership – Basically, with a condo, you own and are responsible for the “airspace” and the interior walls and space. The association owns and maintains the exterior. You also may own a stated portion of “common areas” like clubhouses, parking, gardens and pools.
Infrastructure – Things like all or most utilities are still billed and paid for individually, but generally water, sewer, trash and common area maintenance are paid for by the association through HOA fees or homeowner dues.
Insurance – Insurance is less expensive than a home, as the Home Owners Association insures the exterior and common areas, while individual condominium owners insure the interior and all their possessions.
Property Decisions – Decisions about the exterior, common areas, and maybe even some of what you can do inside your unit are all made by the association, and some of the rules can be strict.
There are many people who love and enjoy the condo lifestyle, especially if doing yard work and any exterior maintenance just isn’t their thing.