Choosing to invest in a condo can be an affordable way to own your home, and provides improved day-to-day living over most apartments. If it’s your first time living in a condominium, you may have some questions about the lifestyle. Eagle Realty & Investment helps a lot of new real estate owners in Statesboro, GA, and hears a few common questions from their clients. For your convenience, they answer a few below.

4 FAQs About Condominiums

1. What Is the HOA?

The homeowners association is formed by the real estate developer. There are elected board members in the association, who hold meetings on a regular basis to discuss any community issues. They make sure that the community runs properly, enforce the HOA’s regulations, and look out for the best interests of the members.

2. What Are the Fees?

Most condominium communities require certain HOA fees, which are usually paid on a monthly basis. It’s important that you understand the costs and what they pay for. These fees go toward the maintenance of the community, such as landscaping, buildings and amenities, paying property management companies, and insurance.

3. What Is a Unit vs. Townhouse?

Both units and townhouses are available for condo ownership. A unit is usually an apartment style unit in a building, such as a high-rise with an elevator or traditional apartment building. A townhome seems more like a traditional home, without people living above or below you. There may or may not be space between the homes.

4. What Part of the Condo Do I Own?

As a condo owner, you own everything inside the unit, including the walls. If you share a wall with a neighbor, you own the half-thickness of the walls that you share with them. You do not own the land that the building is on, though you do own a proportional share of all the common elements and land of the community.

Eagle Realty & Investment is the trusted property management company in the Statesboro area. Whether you are looking for condominiums for sale or apartments for rent, they will help you in your search. Contact them online or at (912) 871-0333 to talk about your property.