Buying a condo can be a great choice if you no longer want to rent but are not sure you want to jump into homeownership. However, it is not the best choice for everyone.
To ensure that a condo is the right fit for you, it helps to go over a few considerations. BankRate explains that one of the biggest considerations about a condo is the general living situation. You will live under the rules of a condo board. You have control over the inside of your unit, but little control over the outside. Of course, this does mean you are free from maintenance, such as lawn care. For some people, this is the deciding point. However, there are a few more things you may want to think about.
One thing about a condo is that you do not have a huge amount of privacy. You will share all common areas with other condo owners. You will probably have very little outdoor space that is all your own. It is similar to apartment living in this aspect.
One of the perks of a condo is the amenities. You may be unable to afford to buy a home with a pool, but buying a condo with a pool in the complex can be affordable. You can swim whenever you want without even having to be responsible for the maintenance of the pool. It can be a winning situation.
Other amenities may include things like a full gym or a game room. You get access to these things as part of your condo fees.
You may run into some financing issues with a condo, especially if you need to get a special loan, such as an FHA loan. Your lender will not only consider your history but also assess the condo development, which can make things tricky.