Is Condo Living For You

Condos and town houses may provide a more affordable path to home ownership, but there are a few things you should consider before making a decision.

Ownership means paying a monthly association fee. This can work out quite well because it sometimes covers charges you would normally incur, such as maintenance and building insurance, at a lower cost.

But this isn't always the case, especially if there's a manned security gate, tennis court, elevator etc. Ask your Bahamas Real Estate Association agent to get all the details.

Find out how often and by what amount monthly maintenance fees have increased in recent times.

An increase generally would not top the general rate of inflation during that period. However, there can be special assessments for roof repairs, etc.

There should be a reserve fund of at least 10 percent of the association's annual budget.

Make sure the large majority of the residents are current with their monthly payments. The other owners will have to make up any shortfall.

Make sure the roof is in good condition. Check on the age and state of the electrical and plumbing systems.
The best way to get a feel of the situation is by talking to other owners.

Also, ask your Bahamas real estate agent for information on how local condo and townhouse values have performed in
recent years compared with single-family residences.

If you're satisfied with the answers to the above and you don't mind neighbours so close, then condo living can provide a practical way to get your foot in the door of home ownership.

There are lots of condos to choose from in a number of islands in the Bahamas, especially Nassau, Paradise Island, Abaco and Exuma.