When you are thinking about buying a home especially in urban settings you may want to consider whether to buy a condo. Will it be a better deal to buy a condo? The condo is a hybrid between a house and an apartment. It is possible to buy and own a condominium outright. The condo offers some advantages related to living in apartments. For example, there are several condos adjacent to others and the owners many times share a wall. If you can consult your relatives or friends living in condominiums you will find out how many people love condo life. Here are some reasons to buy a condo.
There is no need to mow a yard
This is one of the biggest appeals to buy a condo. There is no lawn mowing required as you are paying the dues to the condominium association that will take care of all your maintenance requirements. There are many people out there that have not used a snow shovel or done any lawn mowing in more than 10 years. You will find that many people find moving to a condo was one of the better decisions they made in their lives.
It is difficult to get the outdoor workload managed
Many condos are underfunded and they do not have the funds necessary for regular maintenance. Therefore, when you buy a condo, it is important to ask many questions to ensure that the condo association is properly run before you buy the property. Find out the number of condos being run by the association. If around a dozen members are struggling to pay the dues in a month and if the association has more than 500 condos you are not likely to feel the impact of non-payment. However, if the association has 10 condos and there are a couple of members falling behind, it means there is a dent of 20% in the community budget.
It is cheaper than buying a house
The comparison of buying a house vs buying a condo depends on several factors. They include the size of the property, the value of the neighborhood, and the cost of living in the surrounding area. Normally you will find that you are spending less on the condo as noted by the industry experts. It is also a fact that single-family detached homes are appreciated more readily than condos. But although these houses are appreciated quickly than condos it doesn’t mean that the condominiums are doing badly. According to reports, the typical market value of condos climbed by 42% between the years 2010 and 2020.
Some cons to remember when you are contemplating whether to buy a condo
One of the problems is that you don’t just have to worry about appreciation and mortgage payments when you buy a condo. Keep in mind the association dues. You may have to dish out anything between $100 and $1000 every month depending on your location. It also depends on whether the neighborhood is a luxury area or a no-frills condo community. Yet, many dues are going to the amenities such as a first-class pool, a gym, and 24 hours gated security.
Many people assume that it is a good idea to buy a condo because there is less need for maintenance. But then they find out about the monthly expenses charged by the condo boards. It reduces the attraction for a condo. Another problem is that the board will keep the outside of the condo looking nice but they may not take the responsibility for the insides. And many things can go wrong inside a house such as plumbing, electrical for instance.
There is a sense of community when you buy a condo although many people living in their own houses can claim the same thing. However, the condo owners live closer to one another than the suburban house owners who have huge yards bifurcating them. People many times find out that they have become more social by living in condos. If you live in the Tampa, FL area, you can take advice from Hybrid Construction for your requirements. Keep in mind that the grass is rarely greener on another side of the fence.
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