Pros & Cons of Purchasing a Condo

Last week, we discussed the pros and cons of purchasing a townhouse. This week, Cambridge Title Company is going to talk about another type of home: the condominium. Similar to last week, we'll be reviewing the various pros and cons to purchasing this type of property unit. With that said, let's start with the pros.

Pros

Similar to an apartment in terms of structure and multi-unit design, a condo (or condominium) are usually apartments converted over to this type due to change in property ownership. Condos are usually cheaper than single-family homes or townhouses because of their size. In addition, owners have creative freedom over the unit's interior layout and design.

Cons

On the other hand, condominium owners are often subject to a homeowners' association fee for improvements to the building's exterior. Also, there may be a special assessment mandating a one-time payment of a predetermined amount.

Because the unit is directly linked to neighboring units, owners will face the same disadvantage as townhouse owners: privacy. More so, the building's exterior is usually controlled by the property manager.

For more information on title insurance and escrow services, please contact Cambridge Title Company by phone at 224-330-1886 or by email at info@cambridgetitleco.com.