Dave Ramsey Says These Are the Pros and Cons of Condo Ownership. Is He Right?

Woman sitting outside on her condo balcony.

By: The Ascent 

Key points

  • Condo ownership means purchasing a unit in a shared building.
  • You own your own condo unit, but the ownership of the rest of the building and grounds is shared.
  • Condos usually cost less than houses, but they also come with a lack of privacy.

If you are thinking about buying a property, you have a few options. Many people opt for single-family homes, which means they own the building they live in and the land around it. But others may choose condos instead.

Condos or condominiums allow you to own a unit within a shared building. You own the unit you live in, but ownership of the building it is in, the grounds, and the common areas are all shared. Typically, you pay dues for the maintenance and upkeep of the shared building while you get a mortgage to buy the unit that you call your own.

Owning a condo can be different from owning a single-family home, and there are some advantages and disadvantages to this type of property. Finance expert Dave Ramsey explained these pros and cons for those deciding whether a condo is right for them or not. Here's what Ramsey had to say, along with some advice on whether you should listen to the guru's opinion.

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