Owning a property comes with a major responsibility, especially for first-time buyers. Among many options, buying a condo has its own fair share of pros and cons. But for most people looking for a convenient and practical living space, condo units are a great choice. In fact, living in a condo also means having access to great amenities and a vibrant community. However, before you sign on the dotted line, there are several important facts that you need to know about condo living, whether you live in Calgary Alberta or any other places on Earth. These facts will either clear your doubt or make you think twice if it’s going to be worth investing in.

Condos Are a Shared Responsibility

When you buy a condo, you become part of a larger community, and the responsibility is shared among all members. This means that you have to pay maintenance fees every month or year, depending on the terms and conditions set by your board. These payments cover expenses such as landscaping, building repairs, insurance premiums, and other common costs. In fact, it is very important for you to understand the association rules before you decide to buy a condo.

Fees Can Go Up in the Future

Since maintenance fees are shared by all members, and due to inflation, these charges may increase from time to time. You should keep this in mind when considering budgeting for your condo living expenses. It is also a good idea to ask the board about their plans for future fee increases during your initial negotiations. As a matter of fact, this is quite common, so don’t be surprised if the board has already taken it into account. In some cases, you may even be able to negotiate a lower fee if you are buying more than one unit.

Condos Are Subject to Federal and State Laws

Unlike buying a single-family home, condo buyers must adhere to federal and state laws. These laws vary from one place to another, so your jurisdiction’s regulations should be something you need to understand. This includes knowing about zoning laws, the Homeowner’s Association (HOA) rules, and other applicable rules related to owning a condo. On top of this, you should also make sure that your homeowner’s insurance covers any potential liability issues.

Condo Insurance Is Mandatory

Since you are living in a condo complex, having the right kind of insurance is highly recommended. This covers any potential liability issues that may arise due to negligence or other accidents. Also, if your condo board requires you to carry a specific type of insurance policy, make sure that you comply with their rules. In most cases, condo insurance is mandatory, and you may be required to pay an additional premium.

Buying a condo is not just about getting the right property but also understanding the rules and regulations associated with it. While there are many advantages to owning a condo, knowing all the facts can help you make an informed decision. …