Condos can look enticing. In hot real estate markets, they may appear more affordable than traditional homes. But there’s a lot not to like about condos. If you’re considering purchasing a condo, here are a seven things to look out for:
- Condo Fees: Any condo is going to have a fee. Usually this is referred to as a Home Owners Association (HOA) fee on the MLS listing. Make sure to factor this fee into your monthly payment calculations. When you’re calculating the long-term cost of ownership, make sure to index this fee to inflation. It will go up.
- Condo Assessments: Did you know that just paying the condo fee may not be the full extent of your financial obligation? When something major needs fixing like the roof, the boiler, or all of the windows, the Condo association can levy an assessment on all of the owners.
Continue reading 7 Reasons Condos Can Be a Bad Investment at Frugalwoods.