Is there anything important to know about condos?

Question

I plan on buying a place that I'll live in and I'll rent out the other room to a roommate to help pay off the mortgage each month. I am in NYC so there's no shortage of roomates here. However, it looks like the only thing in my price range are condos in New Jersey. I know nothing about condos (I will research them on the internet). Do they usually have any weird rules in general and in particular against having roommates?

N/A N/A · Answer

There are things you need to be aware of before going into a condo. Some should be disclosed during the buying process but somoe stuff wont. Not sure how it is in your area but around here there are maintenance fees to pay. Some places I have seen that fee is more than the piti payments and sometime double or triple. THat should be dicslosed so you should know ahead of time. The other biggie around here are assessments. That is the fee that would be charged for any updates or repairs that need to occur for the entire complex. Say that in 6 months the complex is going to get a new roof. Guess what you are going to pay for that, not the complex. This takes some digging to find out if anything is upcoming that you would need to prepare for. As for roommates and sub leasing you have to dig into the contract to verify the restrictions.