Costs
In addition to your monthly mortgage payments, you will also have to pay condo association or homeowners association fees. These vary greatly based on the amenities and features of the building. For instance, some associations may pay a portion of your utility costs, such as trash, water or cable, and as a result may charge a higher fee. Find out how much the fees have increased over the years to get an idea of what to expect down the road.
Compare condo prices and fees with other buildings in the area to get an idea of the value of the place you are considering.
Other Factors
Maintenance, repairs and renovation
You always have the last say on the maintenance and renovation of your house when you own it. You have full control of your property.
For any construction, repairs or renovations in a condominium unit, you usually need to ask permission from the building’s administration office. The shared areas, though, are maintained by the building management.