One option that is often overlooked by those who want to own a home is to buy a condo or condo. But, the traditional detached single-family home is not the ideal situation for everyone. For those just starting out, affordability can be an issue. An empty nester may want to downsize and not have the hassles of yard work and other maintenance. Or it may simply be that the traditional family home does not follow your lifestyle.
When you own a condo, you own title to the space within the walls of your home. Common areas such as corridors, roof terraces, parking lots, green areas and swimming pools are shared with the other owners of the complex. The most common type of condominium is the apartment style, in which you can have units on both sides and above and/or below. However, there are other styles. There are units that are designed more like semi-detached houses, with one or several levels and one or two common walls with the neighbors. You can even find a condo in a building that was a multi-unit apartment converted to condo units.
Condominiums are attractive to many buyers because they offer the opportunity to own their residence and accumulate equity at what is often a lower cost than a detached single-family home. Of course, there are exceptions, such as the luxurious condominiums that many developers are building downtown and in affluent neighborhoods.
One factor to consider is that condo owners are generally required to pay a monthly condo association fee. These fees cover the cost of maintenance, repairs, and improvements to the common areas of the community, as well as the cost of the services of a property management company.
However, if you prefer to spend your free time doing something other than mowing the lawn, painting the exterior of your house, or waiting at home for the pool maintenance person, then a condominium may be for you.
Other advantages of owning a condominium are the amenities that can be part of your complex, such as a swimming pool, tennis courts, gym or clubhouse. Here are some of the benefits you may not be able to afford or even have the space for if you were to buy a single-family home.
Of course, as with all things, there are some downsides to owning a condo, like the lack of privacy that a single-family home offers. You are also limited to the rules and laws of the community association, which can range from how to display a satellite dish to the type of animals you can keep.
Is a condo the right living arrangement for you? Make an informed decision by weighing the pros and cons. Talk to a real estate professional who is familiar with condominiums and the laws that govern them. Preview the various condos in your area to get an idea of how the properties are managed. If your real estate professional has sold condos at any of these complexes, find out what type of feedback they’ve received from clients.
Condo living is not for everyone, but it can be an attractive option for those who want to own rather than rent.