Buying a condo can be a really BIG step. Once you’ve made the decision and found your perfect condo, you are likely to have a lot of questions about your new home. As condos vary significantly from single family homes, there are many misconceptions about condo ownership and the fees and cost of doing so. In turn, many people might steer clear of considering them as options. However, as we dispel these myths, one thing is for certain: you need to protect your new place with Carolina Property Condo Insurance policy.
Myth #1: Owning a condo is just like owning a home.
While you do own the place and you can usually make any changes you want, you don’t have free reign over the entire place as it is still a shared community. For example, electrical and plumbing repairs, outside paint, and even shared “common property” issues can come into play when owning a condo.
Myth #2: All fees are bad fees.
Even if it is money out of your pocket, look at what the fees are covering. Oftentimes, these are used to maintain the property and repair anything you might need fixed. Typical condo fees generally include a contribution toward the building’s upkeep and maintenance, but sometimes even include some utilities such as heat, water, sewer, garbage collection fees and even electricity and cable TV. In some cases, consider how much these things might cost if you lived in a home.
Myth #3: Fees should never go up.
Unfortunately, fees are relative to the costs of inflation in the economy. The fees are projected costs for repairs in the coming year and if they are too low, the owners will end up paying for it when trying to sell their units.
At Carolina Property and Casualty, we’ll help get you the coverage you need with a comprehensive and personalized insurance policy. We will explain in detail what is and what isn’t covered, and get you protection against any losses you may incur in the future. For more information on this and our other South Carolina Personal Insurance products, please contact us.
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