One option that is often overlooked by those who want to own a home is to purchase a condominium or condominium. 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 condominium, you own the 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 row houses, with one or several levels and one or two common walls with neighbors. You may even be able to find a condo in a building that was a multi-unit apartment converted into condo units.
Condominiums are attractive to many buyers because they offer them the opportunity to own their residence and build equity at what is typically a lower cost than a single-family detached home. Of course, there are exceptions, like the luxury condominiums many developers are building downtown and in affluent neighborhoods.
One factor to consider is that condo owners generally must pay a monthly condo association fee. These fees defray the cost of maintenance, repairs, and improvements to the common areas of the community, as well as the cost of services from 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 home, or waiting home for the pool attendant, then a condo may be for you.
Other perks of owning a condo are the amenities that can be part of your complex, such as a pool, tennis courts, fitness center, or clubhouse. Here are some of the benefits you might not be able to afford or even have space if you bought 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 condominium 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 in any of these complexes, find out what kind of feedback they’ve received from clients.
Condo living isn’t for everyone, but it can be an attractive option for those who want to own rather than rent.