For many first time buyers, purchasing a condo instead of a house can be the way to go. Condominiums and townhouses can offer many of the same benefits as a home ownership does, including helping the owner build financial equity, along with a few extra advantages some buyers find very appealing.
HomeBridge has been in business for more than 25 years and during this time, we’ve come to understand what different home owners value depending on their own unique personal situations. The following are just a few of the many reasons some people prefer buying a condo versus a house.
- Condos can be a great value and many times you can get you more for less. If you care more about the number of rooms in your home, versus the actual size of your property, many buyers find that dollar-for-dollar, a condo can be far less expensive than a home with a similar amount of rooms in the same town location.
- If the idea of mowing the lawn every weekend or raking leaves turns you off, owning a condo can be very appealing. A condominium’s home owners association (often referred to as an HOA) manages the property’s landscaping and takes care of the exterior maintenance needs that the homeowner would normally have to handle themselves.
- Some condo developments feature amenities that would not be affordable for many first time buyers. Many include pools, tennis courts, fitness centers and communal barbecue areas that some buyers find very attractive. Similar to the exterior maintenance needs, these features are maintained by the HOA.
- Condo units tend to make for easy rentals and can act as a second source of income later in life. Many real estate experts will tell you property ownership is a great long-term investment, but many first time buyers hold off on purchasing a home because they fear committing to being in one location for a long period of time.
Condos often have the same appeal to potential renters as they do to home buyers. In addition to being low maintenance, condos in central parts of town with easy access to shopping and entertainment tend to be rented rather easily.
Of course, there are some things people consider drawbacks when purchasing a condo. If you’re an animal lover, there can be restrictions on the number and size of the animals living in your unit. When it comes to the exterior facing décor, many condo associations have strict rules that need to be followed, such as all front doors must be the same style and color. These rules tend to not to be deal breakers for many condo owners, but they are worth considering as you decide what type of home purchase is right for your individual needs.
The HomeBridge team is well versed when it comes to buyers looking to purchase a condo as their primary home, as well as those looking for them as vacation homes or rentals.