In most cases, you will also have to pay a one-time special evaluation for “emergency repairs” that are not covered by the condo cost. Before we go any further on why we prefer apartments, we would like to explain what they are exactly. Despite common misconceptions, an apartment is a form of ownership, not a type of construction. High-rise buildings are probably the most common type of apartments you’ve come across, but apartments can also come in the form of townhouses, duplexes, or even single-family homes.
Condo owners typically pay fees to a homeowners association in exchange for outdoor maintenance and access to community facilities. Typically, these costs can range from $100 to more than $1,000, and sometimes these costs can add up. There are a few reasons why your HOA rates may rise, such as a major repair needed in the building or a special evaluation being conducted on each occupied unit.
Condos generally have higher HOA rates and are smaller, while city homes have lower HOA rates built with more square footage. If you are going to live in the apartment yourself and the low-maintenance lifestyle that the apartment offers is worth the extra cost to you, you may want to buy an apartment instead of a single-family home. A condominium, which is short for “condominium,” is a private residence within a larger building or community, while an apartment is a rented property within a larger building or community.
The only reason it’s called an apartment is because its square footage is less than 2,000 square feet. We have partnership fees, but the cost is very low compared to other condo and townhome communities. The association fees are for the use of recreational facilities, the maintenance of all outdoor services and to keep our landscape always well maintained, clean and beautiful. Our apartment is also located in one of the safest cities in the United States.
You own your individual unit and are responsible for its internal repairs and maintenance. Maintaining a single-family home usually requires more maintenance than an apartment, such as the garden or other maintenance. Condos have the advantage of reducing your personal responsibility with your perfect ten space, freeing up time. In addition, owning an apartment can reduce costs, as the costs are shared. For many buyers, the first choice is between the two basic types of residential real estate. Each has advantages and disadvantages, and individual needs play an important role in this.