Russell Lamb, a founding principal of Allegro Realty Advisors of Cleveland who runs its investment division, said the group.
In high rise style condos you may own the volume inside the wall board. Anything from the front surface of the walboard is community property. In townhouse style condos you may well own the land that underlays your unit. You likely do not own the exterior surface of the walls and the roof but everything else inside is yours.
If you have never bought a condominium, you may be surprised at all of the different issues to consider. Buying a condo is not the same as buying a house. Not only could you have adjoining walls.
You can't just think, “this house or that condo will be great for the next couple. Sure, you can rent it out, but playing landlord doesn't come without it's own work.. And what do you do about ancillary services like pool cleaning, pest control,
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For example, if you do not live in the vacation area you will probably need the services of a rental agency, which will help you find renters, clean the home weekly and be available to listen to all customer calls and complaints. The commission rate is typically in the range of 16-30% in North Carolina. At other vacation spots it can vary widely.
a house gives you the ability to do so. Many people find it rewarding to buy a home and make it their own. Condos are attractive to many buyers because they offer a one-stop shop for many amenities.
When you own a condo, you become a part of your complex's homeowner's association, or HOA. You pay regular fees that go toward fixes.
After all that legwork, if you’re sure you want to buy a condo, do so only if. You can afford the maintenance fee. Many first-time owners don’t realize that a condo purchase means paying a monthly fee to the condo association. At least 90 percent of the condos in the development are owner occupied.
Spend some time talking to your Realtor about what you should expect owning a condo, and the things you should look out for when buying.