Financial Health – this is one area where homes and condo’s vary greatly. The vast majority of the time with a condo there will be an association that is in charge of managing the financial health of the neighborhood. The owners will typically pay a monthly or quarterly fee that goes toward a number of things including insurance, landscaping, trash, snow removal, general maintenance and a whole host of other things.
A standalone home outside of an association generally does not have these considerations. You own your home and don’t have to worry about whether your neighbors have become delinquent in paying their condo fees. For this reason it’s important to understand some of the best advice when purchasing a condominium. These tips can really make a difference in whether you will be happy or not.