Thinking about purchasing a condo? For city dwellers, singles, couples, and anyone looking for a low-maintenance lifestyle, condos offer a unique homeownership experience. They’re often more affordable than detached homes, making them appealing for first-time buyers or those who want to downsize.

What is a Condo, Exactly?

A condo lets you own your individual unit while sharing ownership of common spaces with other residents. Your monthly “condo fee” helps cover maintenance and repairs in these areas, providing a convenient lifestyle with fewer home maintenance demands. Condo options range from high-rise apartments to townhouse-style setups, so there’s something for many preferences and budgets.

Why Buy a Condo?

Condo ownership provides many benefits, such as potential tax deductions, possible appreciation in value, and a community-oriented setup. However, understanding the financial and lifestyle aspects unique to condos is key to deciding if it's the right choice for you.

Key Considerations

Here are a few things to think about when considering a condo:

• Community Fees and HOA Dues: In addition to your mortgage, be prepared for monthly condo fees. These can impact your budget, so it’s essential to understand what’s included and how they may affect your financing.

• Rules and Regulations: Condo communities come with specific rules around property use, renovations, and shared responsibilities. Knowing these will help you decide if the lifestyle is the right fit.

Curious about what else you need to consider? Download the our Free Condo Buying Guide to learn:

• Is a condo the right choice for you?

• What makes a condo unique

• How to qualify the property

• Key questions for your real estate pro, lender, and condo association

• Tips for a successful condo purchase

• Glossary of must-know terms

With this guide, you'll be fully prepared to make confident, informed decisions on your condo journey. From choosing the right property to navigating the process with ease, this guide covers it all. Get started today and discover if condo living is right for you!

Have questions? The team at Greenway Mortgage is happy to help. Give us a call at 888-616-9885 or email us at leads@greenwaylending.com.