Buying A CondoPurchasing a condo is an excellent way for first-time buyers to enter into homeownership! It is less costly than a home, but means more than an apartment- for many a condo is a bridge
Buying A Condo
Dated: June 23 2022
Buying A Condo
Purchasing a condo is an excellent way for first-time buyers to enter into homeownership! It is less costly than a home, but means more than an apartment- for many a condo is a bridge between the two. Is a condo right for you?
Build Equity- Unlike an apartment, a condo offers you a way to build equity. As you pay down your mortgage you gain equity in the property, which may also appreciate in value! When you’re ready to sell the equity you’ve built and the increase in value can allow you to trade up to a larger home.
Amenities- Many condo communities provide amenities such as pools, gyms, parks, and walkways. These are included in HOA fees and are not something most non-condo owners have access to.
Maintenance Free- Typically when you purchase a condo you won’t have to mow a lawn, shovel snow, repair your roof, or tend to other home maintenance! It’s perfect for someone who doesn’t have the time for upkeep.
Affordable- Prices typically tend to be lower than single-family homes. This is partly because they are smaller, and partly because they do not include land ownership.
Lack of Privacy- You may have to share walls or ceilings/floors with your neighbors. Most condos tend to be two owners to a unit, meaning you’ll have at least one shared wall. So be aware there may be noise.
Mismanagement- If management is good the pros far outweigh the cons, but if the homeowner’s association is mismanaged it could be a headache that results in unexpected expenses or deteriorating neighborhood.
HOA Fees- Homeowner’s associations provide a lot of the maintenance and upkeep for a condo community, but it does come with a monthly fee. Keep in mind that they can also place certain restrictions, including pet restrictions and more.
Overall, becoming an owner of a condo is an excellent choice for many people. If you don’t want to enter right into the full responsibility of owning a home a condo offers some great benefits. If you are retired or have an ‘empty nest’ a condo could be a great downsizing solution that relieves the stresses of maintaining a larger home.
In order to minimize the potential cons do your research about the community you will be living in and as always work with a great Realtor! Doing these things can all but eliminate all the cons discussed above!
*Adapted from a National Association of Realtors/ABR article.
I was born and raised in Columbus, graduated from Bishop Hartley High School, then received a business degree from Butler University in Indianapolis. I have 17 years of residential real estate with bo....
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