Common Condo Misconceptions

Common Condo MisconceptionsPurchasing a condo is undoubtedly a big step. Once you’ve made your decision and found the perfect place, you are likely going to have a number of questions about it. As a single family home varies significantly from a condo, there are some unexpected factors you might encounter such as fees and additional expenses. However, don’t let that deter you from buying a condo. In addition to securing the right IL Condo Insurance, let us take a closer look at dispelling these myths.

All condo fees are bad.

While there may be some additional fees tacked on to your mortgage, you have to realize what these fees cover. Oftentimes, the money goes toward necessary renovations and upkeep of the property. Investopedia states that typical condo fees generally always include a contribution toward the building’s upkeep and maintenance, but may also include heat, water, sewer, garbage collection fees and even electricity and cable TV. Bear in mind that if you were to have purchased a home, all of these other fees would be out of pocket expenses.

Fees should never increase.

Fee amounts are determined by projecting the costs of repairs in the coming year. Unfortunately, they are going to fluctuate depending on the economy and the relative inflation. Furthermore, if the fees are too low, the owners will end up eating those costs when selling their units.

Owning a condo is just like owning a home.

While the place is yours, there are still some aspects of shared property in a condo. Keep the association and neighbors in mind when considering outdoor paint colors or any major electrical or plumbing fixes.

If you’re considering buying your first condominium, make sure to protect your investment with a comprehensive insurance policy. Please contact us at Myers Insurance Group at (855) 534-5707 and we will craft a policy tailored just for you.

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