When buying a condo, take the following into consideration:
A condo is a private residence that is owned by a person, or family, but happens to share a community space — or even building — with other residents. The commonality is shared common space, like a yard, hallways, a gym, or even a pool. They're popular in urban areas, so they're perfect spaces for those who enjoy a downtown lifestyle.
Condos tend to be popular amongst the young adults, young couples, and retiree audience. They're maintenance free and allow owners to build equity for themselves — a key reason to avoid renting, which builds equity for your landlord.
Condos have association fees to consider. However, these fees provide you with many amenities and services, like a shared pool or gym area, (some) paid utilities, trash removal, and more. Also, be prepared to share in the property tax payments that cover shared land and common areas.
Don't let yourself get caught up in the complexities and terminology of home loans, mortgages, interest rates, and insurance. American Financing has the resources and dedicated staff to walk you through the entire purchasing process. Call (800) 910-4055 while rates are still low, or complete the online application.