So you have finally decided to take the big step, becoming a homeowner! No more renting, yay!

Now, the next step is to find a good real estate agent, someone that will have your best interests at heart. Once you start looking for a home Condos might pop up in your search, but what is a condo?

A condo, brief for condominium if you weren’t certain, is essentially an apartment you absolutely own.

It’s in a building or a group of buildings, and it’s normally a great deal smaller in squarefootage than a regular house.

They are also less expensive than a regular house, this could be ideal for someone looking for something smaller with not a lot of maintenance required.

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How is it different from an apartment?

As referred to in advance, the principal difference is that condos are owned by private people who pay a mortgage on them (or very own them outright). 

Apartments are all usually owned by one individual and rent them out to other people.

The benefits of owning a condo are that they are great for people that want to downsize, less maintenance, great for a second home, and the built-in community. 

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Keep in mind that it also comes with downsides such as HOA fees, that could sometimes be expensive or poorly run. 

Also the built-in community could not always be great, especially if there is that one neighbor that minds other people’s business.

Whether you decide to buy a condo or a single-family home, make sure to hire the right agent to guide you through the home buying process.

Author Rustom Marciano

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