5 Things You Should Consider Before Buying a Condo

If you are thinking about buying a home, you have a few options. You can buy an apartment, a house, or a condominium. Condos are perfect for city residents, singles, couples, and seniors, although there are plenty of condo communities that are family friendly as well. Buying a condo is typically much more relevant for a smaller budget. Whether you are thinking about buying a condo until it is suitable for you to buy a single-family home, or if you are thinking about staying long-term, there are a few things that you should first consider.

Buying a Condo, TJ Woods Insurance, Worcester, MACommunity Living

First off, consider that you will not just be living with the people in your house, but the people surrounding you. When you buy a condo, you’re not just buying a home, you’re buying into a community. You should consider if this will be something that you are open to or not. If you are sensitive to sound, check to make sure that your home is sound-proofed from the people living next to you. Also, check the parking situation to see how many spots you will receive, and where visitors can park. You should assess the people that are in the community and see if they are people that you could get along with if you bump into them walking to the mailbox or at the pool.

The Rules

Condos are typically governed by a set of rules called the Covenants, Conditions and Restrictions (CC&Rs). These are different everywhere, and can go over restrictions from noise level, to curtain color. This could work as an advantage or disadvantage for you, depending on what you are looking for. Make sure to look at these rules and restrictions to see if they fit in with your lifestyle.


While condos typically cost much less to buy than single-family houses, there are some other costs that you may have to consider in your budget. There are usually Homeowner’s Association Fees that can be lumped into a monthly bill. Most, if not all, of the plumbing, property maintenance, exterior repairs and pool and other recreational facility maintenance are included in your monthly condo fees. That could be an advantage if you are not always home or available to take care of these things yourself. In many condominium communities, you own certain things around your home… many have lawn space, patios, decks, and fences. However, this space may be limited. It would be wise to check what you do actually own, and what is just being rented under your Homeowner’s Association Fees.

Resale Price

For the most part, condos are bought and owned for a short period of time before people re-sell them. For this reason, you should look at the resale value of your condo. That means doing some research. While you cannot predict what the real estate market will be in 5-10 years, you can try and asses if your property will do well in any economy. Try to see if you can find the strength of the market in your area, and if condos are scarce, or if there are a lot of them. Owner-only properties bring in more resale value than one that would have more renters. Also, the longer you plan to stay in your condo before selling, the better. Condos take longer to appreciate in value than single-family homes.


Insurance for a condominium owner will be different for the owner of any other property. Most condo associations provide a “master” insurance for the structural property in which you live. In one situation, your condo association is responsible for the structure that was originally built, including standard fixtures. This means that if you do (and can do) any alterations to the structure, then you are responsible for that. Another instance includes the condo association being responsible for insuring the bare walls, floor and ceiling. That means that you are responsible for everything else in your home.  Whatever the case may be, you should consider getting your own personal condominium insurance that would cover your personal possessions, structural improvements to your apartment and additional living expenses if you are the victim of fire, theft or other disaster listed in your policy.

Whatever the case may be, you should contact the professionals at TJ Woods Insurance in Worcester, MA. We can help you asses how much insurance you need, and what types, and can answer any question you have about condominium insurance in general.