|
Why A Condo May Be Right for You.
An option often
overlooked by those desiring homeownership is
purchasing a condominium or condo. But, the
traditional detached single family home is not
the ideal situation for everyone. For those just
starting out, affordability may be an issue. An
empty nester may want to downsize and not have
the hassles of yard work and other maintenance.
Or it can simply be that the traditional family
home doesn’t suit your lifestyle.
When you own a
condo, you own the title to the space within the
walls of your living quarters. Common areas
such as hallways, roofs, parking lots, green
areas and pools are shared with the other owners
in the complex. The more common type of condo
is the apartment-style, in which you may have
units on either side of you and above and/or
below. However, there are other styles. There
are units that are designed more like townhomes,
with single or multiple levels and one or two
common walls with neighbors. You may even find
a condo in a building that was a multi-unit
apartment converted to condo units.
Condos are
attractive to many buyers because they offer
them a chance to own their residence and build
equity at what is usually a lower cost than a
single-family detached home. Of course there
are exceptions, such as the luxurious
condominiums that many developers are building
in downtown and affluent neighborhoods.
One factor to
consider is that condominium owners generally
must pay a condo association fee monthly. These
fees defray the cost of maintenance, repairs and
upgrades to the community’s common areas as well
as the cost for the services of a property
management company.
However, if you
would rather spend your free time doing
something besides mowing the lawn, painting the
outside of your home, or waiting at home for the
pool maintenance person, then a condo may be for
you.
Other advantages of
owning a condo are the amenities that may be
part of your complex such as a pool, tennis
courts, fitness center or clubhouse. These are
some of the perks you might not be able to
afford or even have room for if you were to
purchase a single-family home.
Of course, as with
all things, there are some disadvantages to
owning a condominium, such as the lack of
privacy that a single-family detached home
affords. You are also confined to the rules and
laws of the community association, which can run
the gamut 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
with 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 run.
If your real estate professional has sold condos
in any of these complexes, find out the type of
feedback he or she has received from clients.
Condo living isn’t
for everyone, but can be an attractive option
for those who want to own instead of rent. |
