Before you buy a condo, weigh the advantages and disadvantages. Owning a condo unit entitles you to all the tax benefits of home ownership. Your mortgage interest payments and property tax can be deducted from your taxable income. And you’re relieved of many responsibilities: the condo’s management company usually maintains the exterior of the building and grounds.
However, condos aren’t for everyone. Despite individual ownership of the unit, you’re only one of many voting members of the condo community. The majority rules on such matters as whether pets are allowed and what alterations you can make. You have to be prepared for compromises.
Condo ownership can be as complex as home ownership. Ask about how the condominium, is managed, the builder’s reputation, the quality and condition of the plumbing, electrical and heating systems, also about the reserve fund for major repairs and renovations.