What Is a Condo?
If you’re thinking about buying a home, you’ve probably spent a reasonable amount of time browsing online listings. You may also have noticed that some properties are listed as “condos,” while others are listed as “houses.” But what is the difference between these two property types — and which one is right for your needs?
A condo (short for “condominium”) is a small, private residential unit within a larger condo development. An important aspect to know about condo buying is that you don’t own the land underneath it — you only own the right to occupy the unit and the assets and appliances within the unit. With this type of ownership comes with both benefits and drawbacks. On the positive side, this means that you usually don’t need to worry about maintenance and lawn care — your condo association may handle this on your behalf. Condos also usually come with access to shared spaces, like community swimming pools and laundry facilities, that only you can access. It also means that the property insurance in Bucks County, PA that you buy will usually be more affordable because the insurer doesn’t need to worry about insuring the exterior of the condo owned by the condo association.
On the downside, condos also come with a few drawbacks. Condos are often built very close to one another — which means that sounds and smells may travel from your neighbor’s condo to yours. You also have very little control over the exterior of your home and how it looks. You usually need to ask your condo association for permission before you can make changes to your property. Speaking of condo associations, you will also need to pay for condo fees to your association in exchange for exterior maintenance and common area upkeep.
If you’re thinking about buying a condo, make sure you also have the condo insurance you need to keep your property safe. In addition to homeowner’s insurance and car insurance in Chester County, PA, the Bachmann-Zeitlin Insurance Agency also offers condominium insurance solutions. Give our team a call today at 267-288-5193 to learn more or get started.