What are the differences between buying a condo and buying a home?
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Many people are coming to our area to buy vacation homes with the intention of only using them once or twice a year. These people are looking for something very low maintenance that someone else can take care of for them.
Many of these buyers come looking for a condo (short for condominium), which, in Rhode Island, is a single property with shared ownership. Specifically, in Newport and some of the older areas like Narragansett, it’s more common to see a condominium association that’s very small and in a single home. Where large, singular buildings have been turned into condos, the condo association owns and runs the building, and individual owners own the individual units.
If the house is newer, you shouldn’t expect to make any major repairs or have the added stress of trying to work in a group.
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There are a few pros and cons of owning a condo compared to owning a single-family home:
Pro: With a condo, the association will take care of the common areas in the building. Tenants can have minimal involvement with maintaining the property. To take care of the outside of the building, the association coordinates with an HOA, the fees of which pay for the exterior maintenance.
Con: The owners of different units can butt heads. Since individual unit owners are involved with the everyday decision-making, clashing personalities and desires can make progress difficult.
Pro: As a general rule, the larger the condo association, the less the owner will have to be involved. Unit owners could choose to be involved, of course, but there is less impetus to do so with larger associations.
To those who are considering condos, we suggest that you buy a newer or fully remodeled single-family home and hire a property manager (such as myself), and get yourself set up on a maintenance schedule. If the house is newer, you shouldn’t expect to make any major repairs or have the added stress of trying to work in a group.
If you have any questions about purchasing condos, how condo associations work, or you need the assistance of a property manager, don’t hesitate to reach out to me. I’d love to help you.