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If you have always lived in a single-family home but are planning on transitioning into a condo, there will be some key differences you should know about. While condos are still homes you can buy and live in, they are not the same as owning a single-family home. Here are three things that will be different when you move from a house to a condo:
You Will Have to Pay a Monthly Fee
Most single-family homes are not located in communities with homeowner's associations (HOAs), but most condos are. When you live in a community with an HOA, you will be required to pay a monthly maintenance fee, and this is called an HOA fee. You should always ask about this fee before you buy a house so that you know exactly how much you will have to pay each month.
The money from the fees is used to pay for things in the community, such as garbage pickup and lawn care services.
You Will Need a Different Type of Home Insurance
The second difference is the type of home insurance you will need. When you purchase a condo, you are not actually buying the entire house. You are only buying the inside of the house, which means you will need a different type of insurance. This insurance is often called condo insurance, and it protects the inside of the house you buy as well as all your personal belongings.
Before you purchase an insurance policy for your new condo, make sure you know exactly what type the HOA requires you to have. This will often be listed in the paperwork you receive from the HOA, and it will help you obtain the right coverage for your house.
You May Have More Rules to Follow
One other important thing to know is that you might have more rules to follow when you live in a condo. Because condos are managed and controlled by HOAs, they typically have long lists of rules. These rules are designed to keep the communities nice, and there can be rules about pets, parking, ways you use your yard, and the types of flowers you plant in your yard.
Moving from a single-family home to a condo is a great idea if you are looking to downsize or live in a maintenance-free home. To begin searching for the right condo to purchase, talk to a real estate agent today.
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