There are many different kinds of people looking to purchase a condo. You might be trying to purchase your first home, downsize or take on more investment property. There's so many different types of condos that range from freestanding houses to low-rises to attachments to retails spaces but the main constituency that defines a condominium is that you own the housing space but the property and common areas are shared. When you own a Condo you give up a fee as well as control over to the condo association but in exchange for a list of benefits. It's a happy median between renting and owning.
Benefits of owning a condominium:
- No maintenance because it's handled by the condo association
- You get to own and therefore build wealth
- Amenities are often offered like a gym or pool
- Condos are much more affordable than homes
- Increased security