For those who are looking to buy, though don't need a ton of space, there are plenty of options available. One is to go out and buy a small home, another is to purchase a trailer, and one option that is not always the first option that comes to mind is to buy a condominium. There are several reasons why a condo should be at the top of the list of things to check out. Read on to see why if a condo is the right fit for you.
A condominium is similar to an apartment, but instead of being available to rent, most condos are owned by the resident. There are various types of condos, from large buildings and complexes with many to smaller, boutique condos that only have a few units. Each has it's own perks and drawbacks, though there are many who feel drawn to one type initially. Boutique condo buildings tend to have fewer units and amenities, yet they are often cozy and neighbors feel more like a tight-knit family. Residential condominium buildings, however, have more units, and likewise frequently have more amenities such as a clubhouse, pool, or gym. A boutique style building can have a more homey feel, likely more of a quiet overall sound level. This, however, can be a turnoff for those looking for more out of their complex and the homeowner's association costs may be higher in a boutique complex due to fewer tenants to help out with upkeep. Large complexes may be more suitable for people who don't mind a complex with more units and access to amenities, but the tradeoff is often a loud community presence, and a potentially longer wait for any maintenance assistance.
When comparing real estate options, there are always several avenues to explore. While buying a new home may be tempting, is it really the best option? If you are looking for a place that is low maintenance, then a condo may strike a chord. Similar to the homeowner's dues that many neighborhoods collect, condominium complexes frequently have monthly costs that are essentially paying for community repairs and landscaping. Maintaining roofing, repairing parking spaces and walkways, and caring for community amenities come from the money that is collected in the form of association dues. This means that a condo pays for things that you would need to pay for on your own in a stand alone home, yet you don't have to complete the legwork of actually weeding the lawn and mowing it, nor do you have to search for someone who can clean out the gutters- the complex owners will take care of that for you. Alongside this train of thought, however, comes the warning to make sure that the complex you decide to buy into has a responsible person in charge of the budget since there may be months where neighbors don't pay the dues. If this happens too often, there may be things that fall into disrepair due to lack of funds. Do your research before committing to a specific condo, though, and you can sleep easy at night knowing that you've chosen a place that is in good hands.
A condo can be a fantastic place to stretch your design muscles. For some who are used to more space, it can be a great way to downsize and still feel like you live in a place all your own. For others who have a lot of stuff, it can be a fun challenge to find a place for all of your knickknacks and doodads. For others still, it can be a great way to feel the open space that can come from decluttering. Condos often have open floor plans that make it much easier to turn the space into the place of your dreams.
Depending on the location, buying a home can be much more costly than owning a condominium. Part of this could be that a condo is likely a bit smaller than a home, so for anyone who doesn't need or want a lot of space, it's possible to be in a place that is just right for you as far as square footage goes and that costs less per square foot. Condos can be ideal for first time home buyers for this exact reason- they provide a secure spring board for anyone looking to get established in their first place.
Many residents who have bought in condo complexes mention doing so partly because they are fairly safe compared to a home in a neighborhood. Larger complexes often ensure resident safety through added security into the building and occasionally for the parking areas as well. Not to mention that any criminals who may have malintent would be more likely to be heard, spotted, and caught by neighbors who are familiar with the tenants of the complex. Because there are so many condos in some complexes, re-selling a condo can be a bit more tricky. Competition with neighbors who are also trying to sell can be part of the reasoning behind it, so it's important that if you decide to move, you scope out surrounding spaces that may be available and price yours accordingly. This will also help you to see what sorts of aspects of your condo you should highlight that neighbors may not have.
Living in a condominium has so many perks. It can be one of the best decisions of life to buy a condo instead of a home, especially for a first time homebuyer. As always, it's important to weigh the pros and cons against your current lifestyle to see if the fit is right, but if you are on the fence, why not jump in and embrace condo living! It's an experience you won't regret.