If you consider buying a condo, there are many reasons it might be a smart move right now. Condos are much needed and appreciated more quickly than single-family homes.
Buying a condo can be a great option, whether you are starting a family or running away from an empty nest syndrome.
What Is a Condo?
A condo or condominium is an individual unit in a multi-unit building. The owner owns each unit in this type of property, but all other units share common use areas. They can be connected to other units in the main structures on one or two sides, or they can also be independent.
It is important to know both sides of it before buying a condo. Let’s take a look at the pros and cons of condo life.
Benefits
Condos Save Maintenance Money
Condos are part of the community. As a result, you share the walls with your neighbors. And everything you share, including the roof over your head, the landscape, the parking lots, and the facilities such as a pool or gym, is kept at your homeowner’s organization (HOA) payments. That is an investment that you do not need to invest individually to maintain order.
Amenities
Depending on the development, you may include access to things you may not afford or want to take care of (such as a gym, swimming pool, or a hot parking garage). This is also wrapped up in HOA monthly payments.
Being Close to Entertainment and Business Areas
Another great advantage of condo accommodation is that condo buildings are often located in the city’s vicinity, so residents have good access to entertainment venues close to the business. This means staying within walking distance of restaurants and bars, public transportation, major attractions, and tons of events.
Cheap Insurance
If you are the condo owner, your homeowner insurance only needs to cover the inside of your house, as your monthly HOA funds will help protect the building or your property. The house, however, needs internal and external insurance. This means that your prices will often be lower than required home insurance.
You can look at different types of Condo buying options like Mid-rise Condo for sale, Low-rise condo for sale, and RFO condo for sale.
Cons
HOA Regulations
Compliance with the HomeOwners Association (HOA) can be a potential roadblock and should be seriously considered. Don’t like to be told what to do when it comes to your home? A condo may not be the best option.
HOA Fee
One of the great things that give consumers a pause when looking at a condo is the cost of HOA. These payments go to the final location of the property. They may also cover electricity, wifi, and cable, as well as water and sanitation costs. Additionally, HOAs may require you to pay using certain services, such as gym membership, but citizens often have an opt-out option.
Resale Issues
If you know that your Condo will be your first home, it does not hurt to think about reselling when buying – especially as condos can be hard to sell. If HOA is not handled correctly, consumers may have a hard time. It can also mean that you will stay longer in a condo.
As you can see, you should consider many good and bad things at different levels of thought based on your preferences. Always think carefully about many factors when deciding what kind of home is right for you.
If the resources and features are appealing to you but you are not ready to buy yet, renting a condo can be another great option. In some cases, condo owners or investment companies will rent units, allowing you to see if you like the condo life without committing to purchase. You can check out the Housal‘s Condo for rent option.
If you consider buying a condo or other type of building, you can start by talking to a team of housing experts. Check out these buying options for Condo for sale or RFO condo for sale.