Being a homeowner can be a great experience, but if you are just starting out, on a strict budget, or looking for an affordable option for senior living, a single family home can easily make your house poor. Also, having a single family home may not suit you if you don’t have much time, are out of town a lot, or don’t enjoy yard work.
Ownership Without Hassle
Owning a condominium offers you the pride of ownership without the hassle. When you live in a condo, your space is compact, but it can be just right for you. Here are seven reasons why condo living might be the housing solution for you.
1. The price may be right. Condos, especially newly-constructed downtown ones, can be pricey, but there are a wide variety of price points for condos. Regardless of your budget, you are likely to find one you can afford with many of the amenities you want – often for less than the price of a single family property.
2. Limited maintenance. With a condo, you own your space but not the building. You are responsible for inside maintenance, but not the exterior of the building, the landscaping, and the common areas. . If you don’t have time, interest, or even skill to do some maintenance duties, a condo is a great choice.
3. Plenty of extras. Many condos offer all the comforts of home – plus more. Depending on the building, you may have access to a fitness center, pool, tennis courts, and a common area. Condo living can offer you more extras than most single family homes.
4. Contained costs. There is no such things as a free lunch with any homeownership; you pay for the cost of upkeep and exterior maintenance though monthly condo fees and other occasional assessments. You know the monthly in advance so you have a clear idea of your monthly costs. You just have to figure the amount of the Homeowners’ Association charges into your expenses.
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5. Choose your lifestyle. You may find condos in suburbia, but condo living can open the door to exciting urban living. In most major cities, there are few affordable single-family homes near the core of the city. Condo living can place you near entertainment, bars, restaurants, shopping, and maybe even your job, if you work downtown.
6. Secure buildings. Some condos have security guards, buzzer systems, and other security features to put you at ease whether you are coming home late at night or going out of town. You also have neighbors in close proximity who watch out for each other.
7. Rule for the common good. The condo board has rules that govern behavior that everyone must follow. While this aspect of condo living can be annoying to some people, the rules assure that people don’t leave trash in the halls, paint their house purple, or monopolize the washers. As a condo owner, you can serve on the board and help review regulations that seem unreasonable.
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Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here
