Three Misconceptions About Condos

Three Misconceptions About CondosBuying a condo is a big step. Once you’ve made the decision to move forward and searched for the perfect condo, you are likely to have plenty 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 a Dayville Condo Insurance policy.

Myth #1: Owning a condo is just like owning a home.

While you do own the place and can often make many changes you want, you don’t have entire free reign of the place as it’s 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 need fixed. Investopedia states that typical condo fees generally always include a contribution toward the building’s upkeep and maintenance, but may also include heat, water, sewer, garbage collection fees and even electricity and cable TV. In some cases, consider how much these line items would cost if you lived in a home.

Furthermore, keep in mind that no one is profiting from the fees, regardless of how low or high they are. Also, the owners who run the association board have to pay these fees, as well.

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 Byrnes Agency, we’ll help you get the coverage you need with a comprehensive and personalized insurance policy. We’ll explain in detail what is and what isn’t covered, and get you protection against losses you may incur in the future. For more information on this and our other Connecticut Personal Insurance products, please contact us at one of our three locations:

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Dayville Office

Phone: (860) 774-85
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Woodstock Office

Phone: (860) 928-7928
1226 Connecticut 169
Woodstock, CT 06281
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

 

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