For many aspiring homebuyers, a condominium offers the perfect balance of affordability, convenience, and lifestyle. Condos are typically less expensive than single-family homes, require less maintenance, and are often located close to shops, restaurants, entertainment, and public transportation. If you’re considering purchasing a condo, here’s what you need to know to make a confident and informed decision.

What Do You Actually Own in a Condo?

When you buy a condo, you’re purchasing an individual unit within a residential complex — along with a shared ownership interest in the building’s common areas, land, and amenities. Unlike a single-family home, where you own the structure and the land it sits on, a condo owner typically owns only the interior space of their unit and a percentage of the shared property.

Understanding Amenities and Assessments

Condominium communities often provide amenities that make life easier and more enjoyable — such as secure building access, fitness centers, pools, or community rooms. To maintain these shared spaces, owners pay a monthly assessment fee. This fee covers upkeep of the property and common areas, and sometimes even certain utilities.

Who Makes the Rules?

U.S. existing-home sales were virtually unchanged from the previous month, dipping just 0.2% to a seasonally adjusted annual rate of 4.0 million units, according to the National Association of REALTORS® (NAR). Most of these transactions went under contract in June and July, when mortgage rates were 40 to 50 basis points higher than current levels. Year-over-year, sales increased 1.8%, with the strongest activity occurring in the Midwest, where the typical home price is 22% below the national median.

• Single Family Closed Sales were up 8.5 percent to 1,557.
• Townhouse-Condo Closed Sales were up 12.2 percent to 413.
• Adult Communities Closed Sales were up 31.4 percent to 46.

Serving on a committee is one of the most rewarding ways to contribute to NCJAR and make a lasting impact on the real estate community. Committee members help guide the direction of our association, influence key decisions, and foster growth in both professional and community initiatives.

Why Serve?

By joining a committee, you’ll have the opportunity to:

• Collaborate with like-minded real estate professionals

• Expand your leadership skills and professional network

• Contribute to NCJAR’s mission of advancing and protecting the real estate industry