Let us take a closer look at the common questions one may ponder when they entertain the idea of purchasing a condominium.
Good Things
Convenience, no lawn maintenance, shared amenities.
Bad Things
Surrounded by neighbors, no lawn, sharing all the amenities.
But Wait…..
That’s right, some of the good things are also the bad. The pool, if any, is shared. You have to schedule private parties that need the big party room.
Some of the bad things are good. You do not have the luxury of a private rose garden, but then you do not have to weed and mow and edge yourself.
Condo living is for people who do not mind hearing their neighbors through the next wall, above and below. It is a comfortable space for people who travel a lot, have very busy schedules or are ready to lean back and let others do the fiddly work around the yards in St. Johns County real estate.
Some like it for the fact that close friend circles can form and are not hampered by weather when it is just a short walk along a hallway to see your best friend.Â
Tax Benefits
Because condos are taxed and mortgaged like any other Duval County real estate property, the owner gets the benefit of those items on their federal tax return. The deductions for homeowners for portions of their property tax and mortgage interest rates can make a large difference in whether to purchase a condo or keep renting.Â
Things to Understand Before You Buy
Because this is a shared space community it is best that you look at all the bylaws and guidelines for the use of the common areas prior to purchase. Some are more restrictive than others, and you need to know what is and is not allowed. Check with the Condo Association and your local realtor for more information.
Posted by Carey Frankel on
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