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Sep '07

Important things to remember when buying condos.

Condominiums are residential buildings somewhat similar to apartment complexes. One major difference is that they are usually up for sale and so ownership is individual. Condos, as they are popularly known, are many units within one common complex sharing things like parking space, a lobby and a pool.

One reason to buy a condo would be if you want property of your own but cannot afford an individual house and land. Another advantage is if you do not want to be caught up with house work such as mowing the lawn, or sprucing the hedges. Condominium complexes usually have management committees which are in charge of the upkeep of the common property. The service charges for these may be obtained from you periodically in the form of a maintenance fee.

There may be a few things you need to remember when you are considering buying a condo. You will be the owner and so will be responsible for paying all taxes regularly. Usually you will be able to sell your condo at your convenience but it is safe to read the fine print before signing on the dotted line. This is because some associations may have certain restrictions when selling.

The same procedures apply as when buying a house. Check other properties built by the group or individual you are considering buying from. It will help you get a feel of how their designs are and if they will weather gracefully. So, you will need a loan, find out about mortgage, the taxes you need to pay when first buying a condo, get a thorough inspection done of the interiors and things such as plumbing and wiring. Finally, make sure you will be able to get on with your neighbors. It is essential that you be able to live in the community amicably once you own property in the area. If all else fails, then you can always rent a condo for your vacation!!