Tuesday, November 15, 2011

Grass Is Always Greener

Single Family VS Condominium

Thinking about buying your first property? It might be time to weigh the pros and cons of condominium living vs a single family home. It is only natural to think grass is greener on the other side.

Shared Expenses

One of the greatest advantages to condominium living are the shared costs of your homes’ expenses. Your set monthly fee is based on your percentage beneficial interest in the condominium. Don’t know yours? Check the Master Deed, it’s always recorded there. But what does it cover? In a condominium, water/sewer, insurance, landscaping, building repairs, electricity, heating can all be included in your monthly fee, which lowers your personal monthly exposure.

Who’s The Boss?

One of the biggest fears about condominium living is that you once you buy in, you agree to a set of rules and regulations as outlined within the condominium documents. Living in single family home, you do not answer to anyone else. It’s your house: your rules! In a condominium, there is an elected Board of Trustees that calls most of the shots. Make sure you read all condominium documents and bylaws before entering any home owners association

Find Your Home

With a well run board and a competent management company, condominium living can be extremely gratifying. Do have a preference? Let us know and leave a comment below, shoot us a tweet @MAcondoMGMT on Twitter or post on our wall on Facebook. We look forward to hearing from you!

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