If you’re contemplating buying a home but find yourself intrigued by the possibility of living in a condominium, it’s helpful to learn more about what to expect. Making an informed choice depends largely on the information that you have, and can help you ask your real estate agent the right questions before you sign on the dotted line. Here’s what you should keep in mind.

What Should You Know About Condos?

Are condos like apartments?

Condos and apartments are sometimes referred to interchangeably, but the two do differ from one another in one very significant way: ownership. Apartments are typically owned by a property manager or a corporation. This entity then leases specific units to tenants, all of whom have access to the property’s shared amenities. By contrast, a condo belongs strictly to the homeowner. There is no lease involved.

What types of amenities are included?

Condos vary in terms of the types of amenities offered. Some may feature fitness centers or courtyards where residents can work out and mingle. If you’re interested in more amenities, however, your real estate agent can show you a high-rise apartment that features additional extras such as swimming pools, valet service, bike paths, walking trails, libraries, clubrooms, and other common areas.

What are HOA fees?

Homeowners associations (HOA) may collect a monthly fee from condo owners in the building. This amount covers different items pertinent to the property, such as improvements and maintenance. It may include repairs and work performed on landscaping and pools, for example. It may also provide coverage for on-site utilities. Your real estate agent can provide you with specific details about how much you owe.

Is condo insurance necessary?

Even if the homeowners insurance has its own insurance policy, this strictly covers areas outside of your unit, like the common spaces and the exterior of the building. Anything that belongs to you is your own responsibility, so it’s key to invest in condo insurance for your protection. In most cases, lenders won’t secure your mortgage until you provide proof of condo insurance.  
 

Are you ready to move to a condo in Minnesota? Turn to Justyna Johnson – ExP Realty. Serving clients throughout Woodbury, MN, and the surrounding areas, the qualified real estate agent works closely with you to help you find the property of your dreams. Top Realtor® Justyna can even assist if you’re selling a home. To find out more about her real estate listings, visit the website, or text HOME to (651) 501-2345 for a TRUSTimate, a complimentary online property report.