Condos: the New Real Estate? Part 2

Perhaps the single best reason for many first time homebuyers to buy a condo as their first real estate investment is that the cost for its maintenance is greatly reduced than, say, buying a single family residence and the regular upkeep is not as hands-on.

All condos have association dues. These range in cost - I have seen some condos like Crosswoods cost $260 a month and some others charge that for a whole year! Generally, the cost will give you an idea of what is included. Almost all condos will have insurance on the structure included in the association dues. So you only need to get home insurance to protect your valuables inside your unit. They also include regular lawn maintenance and, sometimes, a clubhouse which is a shared facility by everyone living in the condo development.

Contrast this with a single family residence where the homeowner is responsible for regular lawn care and repairs, not to mention home insurance on the entire structure of the house and it becomes pretty clear why today's busy first time home buyer might just opt for the condo.