For those considering buying one of the Chelsea condos for sale, the first thing that you must understand is that they are different from a single-family home or even a townhome. While condos, single-family homes, and townhomes are all designed for single families to reside in, the building structure differs. Condos are part of a larger building, like an apartment complex, but you own the residence rather than rent it.
Are Condos Worth Purchasing?
Whether or not a condo is worth purchasing really depends on what you are looking for and where you live. Like the ones at Latern House, condos allow people to live in areas they may not otherwise be able to afford without giving up the convenience or their desired lifestyle in the process. Owning a condo is a feasible option to renting, especially because you may develop equity and frequently take advantage of tax savings on mortgage interest as a condo owner.
Another distinctive characteristic of condo living is that most condominiums have a governing board, also called an HOA, that oversees the operation and maintenance of the condominium community. These organizations manage the complex and enforce any regulations or norms that apply to the community. They’re also in charge of maintaining the common spaces, which belong to all of the building’s inhabitants.
Why a Condo Over a House?
One of the biggest reasons why people opt to purchase one of the Chelsea condos for sale is they are less expensive than a home in the same neighborhood because of their smaller size. Another reason why they are cheaper to purchase is because you don’t have to purchase the land it sits on that is owned by the HOA.
