Advantages Of Condo Living

Sometimes Overlooked

There is a home ownership option that is often overlooked by potential home buyers, and that is ‘The Condo Option’ . Traditional detached single family style homes are not always the ideal situation for many home purchasers.

Reasons for lifestyle alternatives

For those who are just starting out, affordability may or may not be an issue. For the new ‘empty nester’, downsizing and not having the ‘upkeep’, yard maintenance, etc., may be the key issue. Or, maybe if both spouses work, a traditional single family home may be just too much work and not fit your lifestyles.

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 detached single family home. Of course, there are exceptions, such as the purchase of a luxurious condominium that many developers are building in downtown, affluent neighborhoods, beach sides, etc. For these buyers, the prices will seem almost comparable to buying a single family home, however size, area and amenities will determine the ultimate price on this type of purchase.

Security is also a preferred reason for purchasing a condominium as most modern complexes are located in private, gated and very secure developments. This is especially important to older residents and to single persons who live alone and want the added security to their lifestyle.

What’s mine and what’s yours

When you own a condo, you own the title to the space within the walls of your living quarters only. The hallways, (outside your condo), the roofs, parking lots, attics, the common green areas, (including lawns, etc.) pools, gyms and recreation rooms, are called ‘common areas’ and are owned, and maintained by the entire condo association on a collective basis with maintenance costs covered by the condo association fees paid by each condo owner.

On some of the older condo units, or condos that have been converted from apartment buildings, you may have one or more condo units adjoining yours, to either side, on top, or below. On many newer complexes, the condos are designed more like town homes with single or multiple levels and there is a possibility that only one or two common walls will be shared with neighbors.

What’s the added costs

One factor to consider when buying or investing in a condo is that condo owners generally must pay a condo association fee monthly. These fees defray the cost of most maintenance, repairs and upgrades to the common areas as well as for the overall management of the complex. They do not cover most everyday repairs, upgrades and maintenance for ‘fixes or replacements’ within your own condo unit, like electrical switches, plugs, most common plumbing problems, carpet cleaning, etc.

Some, more major maintenance problems, like plumbing drains, etc., where the clog is in the ‘common plumbing’ within the walls, or ground which serves many units, may be covered, however.

In Summary

If you would rather spend your free time doing something besides moving the lawn, painting the outside of your home, or waiting for the ‘pool guys’ to show up, then a condo might just be the thing for you.

Of course, there are other advantages to owning a condo. Most condos offer many modern amenities as part of the complex such as pools, Jacuzzis, tennis courts, fitness centers, or clubhouses. These are part of the ‘perks’ that go along with owning a condo and paying your association fees. If you owned a traditional detached single family home, you might not be able to afford any of these amenities, let alone the upkeep and maintenance on them.

Condos, in today’s hot real estate market, are highly sought after for all of the reasons listed here.

It certainly is worth looking into before investing your hard earned money.

Many condominium complexes today are very ‘family friendly’ and these complexes are ideal for raising children, especially if your family is security minded and want all of the modern amenities for the family that most condo complexes offer.

Many, of course, are adult only, or are for seniors only, and, offer amenities that other complexes don’t offer like golf courses, more traditional recreation rooms with billiards, libraries, card rooms, etc.

The ‘Condo Option’ is open and worth looking into.

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