VIEW CONDOS & TOWNHOMES Wilmington condominiums can be defined as "The absolute ownership of a unit in a multi-unit building, plus an undivided interest in the ownership of the common elements, which are owned jointly with the other condominium unit owners." (Modern Real Estate Practice in Illinois, fourth edition.)
Condominium or townhome ownership has proven popular in Wilmington NC, because it is a great way to receive the benefits of home ownership, at about the price of market rent! Why waste another dollar with a landlord, when you can be building something of value for yourself? Did you know that at only $850 a month, you as a tenant will be giving your landlord $51,000 in a mere five years? There is a better use of your hard-earned money! Condo ownership can be the perfect stepping stone into something larger someday, such as a house, or a condo can be a great place to live as long as you wish. A condominium is property, which can even be passed along to loved ones or anyone else of your choosing.
In addition, communities as a whole typically benefit from condominium ownership. Why? Because the residents have a financial stake in the property, versus apartment dwellings.
What are the benefits of owning a condominium?
In condominium ownership, the owner has control, unlike an apartment setting. It's all your choice as a condo owner. Other benefits include equity, which can build with each payment you make, unlike rent, in which you own nothing, even after years of payments. In addition, real estate traditionally appreciates over time. Another potential benefit, depending on the individual situation, is the tax advantage that may be realized by home ownership. Of course, be sure to check with an accountant or financial advisor for more information.
How do I purchase a condo or townhome in Wilmington NC?
Most homebuyers make a down payment, obtain a loan from a lender, and then pay back the loan in monthly installments. The total amount loaned to the buyer is called a mortgage The monthly payments to the lender include principal and interest, and often also include an amount for property taxes and an amount for Private Mortgage Insurance, or PMI, which is discussed below. Once a month, a condo owner will make this payment to the lending institution, and the condo owner will also make an assessment payment to the condo association.