Considering purchasing a condo? This choice can offer a fantastic lifestyle for the right person, often providing excellent amenities and less maintenance. At Priority 1 Lending, we’re here to break down the potential costs associated with owning a condo.

Understanding the Cost of Owning a Condo

Owning a condo involves more than just the purchase price. Here are some of the key financial considerations:

1. Purchase Price: This is the upfront cost to buy the condo, and it’s what your mortgage will be based upon. Condo prices vary widely depending on location, size, and amenities.
2. Mortgage Payments: Like any home purchase, if you don’t buy the condo outright, you’ll have mortgage payments. Priority 1 Lending can help you understand your mortgage options and what your payments might look like.
3. Homeowners Association (HOA) Fees: Most condos have HOA fees. These fees go towards the upkeep of common areas, amenities, and sometimes even some utilities.
4. Utilities: Some utilities may be included in your HOA fees, but not all. Check what’s included so you can budget for any additional costs.
5. Maintenance and Repairs: Unlike a single-family home, condo owners are typically only responsible for maintenance and repairs within their unit. Major external repairs are usually covered by the HOA.
6. Property Taxes: Condo owners are subject to property taxes, just like any homeowner. The amount will depend on your property’s value and location.
7. Insurance: While the HOA will have insurance for the building and common areas, you’ll need to have insurance for everything inside your condo unit.

Planning Your Condo Purchase with Priority 1 Lending

Owning a condo can be a great fit, offering community living and shared amenities. However, understanding the costs is vital to ensure it aligns with your financial plans.

At Priority 1 Lending, our knowledgeable team is ready to guide you through your mortgage options and help you prepare for your condo purchase. Reach out to us today, and let’s explore your path to condo ownership together.