4 Financial Myths Surrounding Condominiums

This article discusses common financial myths surrounding condominium ownership. The first myth is that owning a condo is similar to owning a single-family home, but condo owners have limitations on what they can do with their unit and must pay condo fees for maintenance and administrative works. The second myth is that condo fees are a rip-off, but they cover various utilities and alleviate the responsibility of maintenance tasks. The third myth is that special assessments are a nuisance, but they are necessary to cover unexpected repairs. The fourth myth is that condo fees should remain constant, but they will likely increase periodically due to inflation and necessary repairs. Overall, it is important for potential condo buyers to have a clear understanding of their responsibilities and expenses before making a decision.