Pros and Cons of Condominium and Townhouse Ownership
Purchasing a house is a big decision, especially if it is the first one. In today's current 2011 market, there are many options. Foreclosures and short sales are becoming all too familiar household terms, but the details surrounding them are still mysterious to the average home buyer.
Yet the terms condominiums and townhouses are well known. They bring with them visions of carefree living. However, even these terms are not fully understood for what they represent in home ownership. Often, an association fee is included, and outside maintenance is taken care of with this payment. This makes the ease of home ownership so much easier.
However, fees may increase over time if new assessments are added for special projects. If fees go up and owners get behind on their payments, the association can levy liens. With interest, some condominium owners may face foreclose or expensive court costs.
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