Are you looking at purchasing a new home? Considering both a condominium or a house? There are some important differences to keep in mind when purchasing your residence.
When buying a house, you have the right to exclusive ownership of all the property your purchased. However, with a condo, the owner only has exclusive rights to all the property within the walls of the common area. There are areas considered “common area” outside of the condo that is shared ownership with the other owners in the complex.
When it comes to repairs and defects, home owners are completely responsible for all upkeep of their property and purchasing insurance. With a condo, dues are paid into a homeowners association who buys the property insurance and takes care of the common area.
When you own your home, you are generally allowed to modify your property and house however you wish. If you own a condo, there are usually restrictions on the modifications that can be done to the exterior of their residence and even sometimes the interior. These limits are expressed in your Covenants, Conditions and Restrictions (CC&R’s) and you may request a copy of them from the Homeowners Association. If you do not understand the CC&R’s, you can either ask the Association to explain them to you or contact a real estate attorney.
Both have their benefits and the pros and cons should be carefully considered. While it is nice to have a house and own the property around it, it is also nice to own a condo where you are confident someone else will worry about maintaining and improving the land around you.
The Lawhead Team is always available to answer any questions you might have about purchasing your next home.
