There are many reasons why a person would want to buy a condo instead of a traditional home. Some people want to live in a convenient place, where there are many great amenities like a supermarket and public transportation, and they don't want to have to worry about upkeep or maintenance like a house would. Other people want to save money by living in condos, so they can use those funds to enjoy themselves more fully. Condos are also known to be very profitable investments for real estate sharks, who get the most people into their condos and charge them exorbitant rental fees. Read through this site to get more details on condos.
One common perk about condos is that you don't have to pay property taxes, much like you do with regular houses. You don't have to pay a special assessment fee in some areas, which is why some people call condo spaces condos, even if they're not located on a parcel of land. However, you do have to pay for HOA fees at all levels of a community. Even though you can avoid paying the HOA fees in some places, you still will pay for it eventually, and some communities have very high fees. In these cases, it's usually better to buy co-ops instead of condos.
Another advantage of buying co-ops instead of condos is that you don't have to worry about an HOA or any other special assessment fees. If you find the right condo, one that meets your needs and offers good value, then you can easily avoid an annual HOA fee that can amount to several hundred dollars a year. When you buy a condo, you might have to pay a special assessment fee for a year or more, although this fee isn't always required. In some cases, a yearly HOA fee might be included in the condo fee, but it might be a combination of a condo fee and an assessment fee.
The best way to avoid paying special assessments or annual HOA fees when buying co-ops is to use a licensed real estate broker. A licensed real estate broker has the knowledge and resources to locate great deals on condos and co-ops. Brokers earn their money by finding buyers and selling homes. You'll pay a higher price for the service, but the advantages are enormous. If you decide to go through a licensed broker, he'll also help you get a lower price on the condo or co-op.
Some people who buy condos and co-ops in DC do so because of special assessments or an annual HOA fee. If you buy a condo through a broker, you won't have to worry about these fees. You can also choose between different kinds of condos. Some have lower assessment fees and lower monthly fees. Others have special assessments and special fees. You can get the best condos from the ClearCondos.
To determine if a condo or co-op is right for you, consider how much money you would like to spend each month on housing. Consider the amenities that you would like to have at your fingertips. Also consider the neighborhood in which you want to live. Most importantly, consider the HOA or the Special Assessment District fee that must be paid in order to own the condo or co-op. You can discover more on condominium on this page: https://en.wikipedia.org/wiki/Condominium.