Condos are a popular choice for first-time buyers as well as homeowners who want to downsize because they tend to be less expensive than single-family residences. Also, they usually require less maintenance. Condominium owners belong to a homeowners association (HOA) that collects dues, usually on a monthly basis, to pay the cost of common-area liability insurance and maintenance, as well as to fund a reserve account. HOA dues often pay for more -- sometimes exterior painting, garbage collection and roof repairs. Precisely what is covered by HOA dues varies from one condo complex to another. Before buying a condominium, make sure you read and understand all of the documentation, such as the covenants, conditions and restrictions (CC&Rs). The CC&Rs could include restricti...
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