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Buying a Condo? The Pros and Cons You Should Know

Homebuyers looking for more affordable housing options may want to consider a condominium.

Condos are often cheaper than standalone single-family homes. And owners typically don’t have to deal with raking leaves, shoveling snow, or cleaning the gutters, or other maintenance.

Another perk is these homes generally maintain their value. And in big cities, there are often more to choose from than single-family homes.

“As a homebuyer of a condo, historically prices don’t go up that far or down that far,” said Ralph DiBugnara,  a regional vice president at New American Funding. He is based in Edgewater, N.J.

However, condo owners generally pay monthly maintenance fees to their homeowner’s association to cover upkeep and repairs. And they may have to abide by the rules of the association.

“You’ll get repair work that’s being done for you that you don’t have to worry about,” said DiBugnara.

Ralph DiBugnara NMLS # 19269