May 14, 2014 THE VILLADOM TIMES I • Page 11 Buying a condo is not the same as buying a house Stringent lending policies and the esca- lating costs of home ownership have led many prospective home buyers to consider condominiums instead of single-family homes. Condos are typically less expensive than single-family homes, which makes lenders and borrowers feel more comfort- able. Lenders feel better because the loans are not as large, while borrowers are more comfortable because such loans allow them to improve their standing with lenders, potentially setting the table for a low-inter- est home loan down the road. But the differences between buying a condo and buying a single-family home go beyond the bottom line. The following are a few things prospective buyers should know about condos before they view any proper- ties. Condos come with fees. Unlike single- family homes, condos come with home- owners’ association fees. These fees cover landscaping, garbage collection, and gen- eral repairs throughout the condominium complex. Fees vary significantly from com- munity to community, and the best deal is not always the one with the lowest hom- eowners’ association fees. Low fees tend to provide less bang for the buck, gener- ally covering only the most basic services. Higher fees often mean the community has more amenities, such as a private pool and gym for residents. Some people prefer such amenities, while others would rather find better deals on their own. Prospective condo buyers must include fees in their monthly budgets when determining how much they can afford to spend. Condos come with rules. Owners of single-family homes can create their own rules for their households, while condo owners must agree to follow rules estab- lished by the homeowners’ association or the property management firm responsible for maintaining the community and enforc- ing the rules. Rules may not allow pets, or may only allow pets of a certain size. Other rules may restrict how owners can decorate their condos during the holiday season or how they can furnish the exterior of their properties, limiting patio furniture to a set number of chairs or tables. Some condo owners are glad such rules are in place, while others might find such stipulations intrusive. Each community has different rules, and prospective buyers should famil- iarize themselves with a community’s rules before buying any properties within that community. Condos often have management firms. (continued on page 22)