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It’s probably one of the biggest questions tossed back and forth by millennials and baby boomers today, do I buy a condo or do I buy a house? The best benefit of purchasing a condo versus continuing to rent an apartment is that you are fulfilling the true American Dream of owning a piece of real estate rather than lining the pockets of someone else. Throughout this post we are going to discuss a few of the Pros of purchasing a condo for today’s buyers. Hope you enjoy!
Maintenance - If you are a non-handy man like myself (or woman) then a condo might be a good choice for you. Maintenance in a condo is considerably less than owning a home as the Homeowners Association Dues (HOA) typically will cover all exterior maintenance, green space maintenance and most of the time the major appliances inside your unit (Air-Conditioning, Heating System, Water heater etc.) another major pro in regards to maintenance is that most of the time the Homeowners Association’s maintenance man will be able to do work on your unit for you if something on the inside comes up (for a price) or be able to put you in the right direction of someone who can help you resolve your problem.
Location and Amenities- They claim (the real estate God’s) that location is what is one of the most important aspects of buying a home for homeowners. What would be the purpose of owning a condo in the middle of a desert? Condos are typically located in high rise locations, above shopping or business and sometimes in apartment like residences; areas of high walkability. Walkability is a term you will hear quite often when purchasing a condo as it is an extremely important aspect of living in a condo. The amenities of a condo typically include a pool, green space for relaxation or entertainment, outdoor grill or inside prep kitchen and a workout facility. These are maintained through your Homeowners Association fees.
Price – Typically when searching to purchase a condo you will find that you can buy a condo in its location at a cheaper price than homes in the surrounding neighborhood BUT the con to this would be that you will be having a significant less amount of square footage than the homes in the area. In higher markets, condos can definitely serve as an alternative to paying high price for a single family home.
I hope you enjoyed my first blog post on real estate and please feel free to post questions on the blog or reach out to me personally with your real estate questions! Next time we will talk about financing on condo's!