In today's growing economy and real estate market, Condominiums have become a sought-after option for home ownership - captivating buyers with the ease of living, comfort and amenities they provide. As a realtor, I have not only been exposed to the growing appeal of condos and also the unique financial structure that they offer. Today, I aim to empower you with the knowledge required to confidently grasp this unique home ownership option and make an informed decision when choosing to buy a condo. 

Condo ownership can serve as a tangible asset to an individual's financial portfolio and act as a  valuable investment for future goals. Like any Real Estate investment, condos have historically shown a steady appreciation over time. Locality, rising market demand, and property upgrades, should all be considered, in order to gain the most equity for purchasers over time. 

When considering condo ownership, prospective buyers often question the concept of condo fees. Why would I pay a fee for something I can do myself? Condominium living provides a unique lifestyle, with lower maintenance at the cost of a monthly condo fee. Oftentimes condominiums may include additional amenities that otherwise owners may not be able to afford. The monthly fee fronts a share of the costs for maintenance, repairs and insurance of the building and shared amenities. While this may seem like a financial burden, this fee provides peace of mind and less time spent ensuring that essential services and upkeep are taken care of.

When purchasing a condo, the corporation's reserve fund must be closely examined. A reserve fund acts as a safety net for anticipated repairs and maintenance that the building will require over time. There are certain indicators to look for when reviewing the corporation’s financials that can signal to purchasers whether or not the building is a good investment. Despite best efforts of maintaining a healthy reserve fund, buyers should be aware of potential unforeseen expenses that can result in necessitating special assessment. When damage or repair costs exceed the amount of money that is in the reserve fund corporations will sometimes bill the owners directly in a one time payment. Although a special assessment may come as an unwelcome surprise to residents, the event is vital to maintain the viability and structural integrity of the complex. Practice your due diligence as a buyer and inquire about recent or upcoming special assessments to gauge the financial structure of the building and corporation. 

Beyond the unique financial structuring and practical advantages, condos foster a unique opportunity and lifestyle that is often lacking with other ownership forms. From a sense of community to connecting with fellow residents in communal areas and bonding over similar interests and hobbies throughout the building, condos offer a compelling pathway to homeownership for those ready to embark on the journey of home ownership or real estate investment.