If you’re considering buying a condo in Naples, FL, there’s a lot you need to know before making the jump. In this blog, we’ll cover everything from what a condo is and the different types of ownership available to the benefits and drawbacks of living in a condo.
By the time you’re done reading, you’ll know whether or not buying a condo is right for you.
So, What Exactly Is A Condo?
A condo (short for condominium) is a real estate property in which individual units are owned outright, but common areas are shared with other unit owners. For example, if you own a condo, you would have your private unit but would share access to amenities like the gym, pool, or parking garage with other owners in the building.
There are two different types of ownership available when it comes to condos:
- Freehold: With freehold ownership, you own both your unit and an undivided share of the common elements in the building (like the lobby or party room). This type of ownership gives you more control over how the common areas are managed and maintained.
- Leasehold: With leasehold ownership, you only own your unit; the land it’s built on is leased from either the developer or another owner. This type of ownership is more common in tourist areas where demand for units is high and turnover is rapid.
Benefits Of Living In A Condo:
- More affordable than buying a house: If you’re looking to enter the housing market but can’t afford a single-family home, buying a condo is a great way to get your foot in the door.
- Low maintenance: Since you’re only responsible for maintaining your unit, it requires less effort to upkeep the condo.
- Access to amenities: When you live in a condo building, you have access to amenities like gyms, pools, and rooftop decks that you wouldn’t otherwise have access to.
- Increased security: Because condos often have security features like gated entryways and on-site security guards, residents can rest assured knowing that their properties are safe.
Drawbacks Of Living In A Condo:
- HOA fees: One downside to living in a condo is that you must pay monthly (or annual) HOA fees. These fees go towards maintaining the common areas and paying for necessary repairs or renovations.
- Limited privacy: Because condos are often close together and have thin walls, sound can travel easily from one unit to another. This lack of privacy can be an issue for people who value peace.
Get In Touch With A Real Estate Agent In Naples, FL
Condo living isn’t for everyone, but it does have its perks. If you’re planning to buy a condo in Naples, FL, our real estate agents can make the process easier for you. At Southwest Florida R.E. Group, we have various listings for condos on our website. You can also look at our city guides here.
Get in touch with us, and one of our agents will be happy to help you through the process.