Is a Condo Right for You?

Is a Condo Really What You’re Looking For?

condoThere are a number of types of homes you can buy when you’re ready to own a a place of your own. Many people enjoy the maintenance-free lifestyle that an apartment can provide but prefer to invest their monthly payments in a place they own rather than pay rent to a building owner. This makes a condo on obvious option.

There are many different types of condos in many different areas available for you to consider. If you’re looking to buy a condo as an investment or part-time home in specific areas, whether it’s on the ski slopes of the Rockies or ocean front property in the Palm Beach area, it can be quite enjoyable and profitable. Some condominiums are strictly for designated for specific age groups, while others are open to families. If you’re an older couple, you may not want to live in an area that has children around.

Pro’s to Consider

Although Homeowners Association Fees are included in either monthly or yearly increments, these fees cover many things like lawn maintenance or in home maintenance, like changing your light bulbs and fixing that annoying 2 A.M. furnace break down. If you are looking to rent out your condo or just need someone to keep an eye on your place while you are on vacation, most homeowners associations are happy to assist you with that as well. Just be sure to find out exactly what the Association fees are, how often they are paid and what kind of services it covers. The majority of any information you will need is sure to be included in the information packets available to you upon an inquiring.

Size maybe another pro to buying and owning a condo, although they tend to be smaller in size compared to a single family dwelling, builders tend have utilize the space very efficiently. You may not think the square footage is enough, but ask to take a look at a sample condo, you’ll find that your actual living space was well thought out and quite comfortable. Condo’s also tend to be well kept and up to date with today’s modern technology.

Whether you’re a single person, family or a couple, you’ll find the sense of safety within the condo community quite appealing. If you’re a constant traveler or a work at home body, the positive lifestyle and security will make you feel quite comfortable in your new condo.

Con’s To Condo Buying

The most obvious con to buying a condo may be the extra monthly or yearly condo association fees. Not everyone will consider them a negative point but it can add somewhat of a large chunk of money to your monthly payments. Maintenance costs are shared by the entire community. Every condo owner in a building shares in the cost of building maintenance that has been averaged over previous years.

Most Homeowners Associations do have “house rules” and some of the Associations can be very nit-picky with the smallest of things. Some associations can tell you what kind of holiday decorations you can put up, where you can put them and how long you can leave them up for. While associations seldom take the controlling level to this extreme, there are some that will, can and do take it to this level, so do your homework if you’re the full costume holiday decorating type. The Homeowners Association rules are also part of your information packet and will help you decide whether they will be rules you can work with.

Keep This In Mind

Please keep in mind that not every condo building and homeowners associations are the same. Some encourage friendliness, social activities and enjoy the occasional community BBQ or get together. Some tend to be less social with their neighbors and enjoy sticking to their own group of friends and relatives. Either way, that does not mean that just because they are not social, they are not caring about you and your home. Most residents, as well as the Homeowners Association, take safety and comfort very seriously.

You could debate continuously whether condo living is good or bad but in all reality, all types of homes will have its pros and cons. It’s just a matter of your own personal preference, what you feel comfortable with spending your money on and what will be more beneficial to your needs.