Homebuying November 02 2018

Pros and Cons of Buying a Condo

Whether you are a first-time homebuyer or searching for home number ten, buying a condo instead of a house may be the perfect choice. Most condos are essentially a hybrid between an apartment and a single-family home. They are great for certain lifestyles but they aren’t for everyone, so here are some of the pros and cons to consider before buying a condo:

The Pros:

  1. Amenities. Having your own pool in the backyard can cost thousands of dollars to install and maintain, and gym memberships typically cost at least $50 per month. Most condominium communities have on-site gyms, pools and even tennis courts that residents can use without ever having to clean or fix.
  2. Security. Many condo buildings have full-time security guards and surveillance cameras. You may also be required to use some sort of key card to access the parking garage, and several sets of doors and elevators before arriving at your own door. While most condos are located in urban areas, these extra security measures make many residents feel safer than they would in their own home. 
  3. Maintenance/Yard Work. Unless you are one of those who loves doing it yourself, having someone else mow the lawn and shovel snow is a big perk to condo living. You’ll have to rely on someone else’s schedule more often, but it’s great for older residents or those who spend a lot of time out of town. 
  4. Affordability. As with any type of real estate, condo prices will vary depending on location and size. But more often than not, you’ll be able to find a condo for a lower price than a similar single-family home—just don’t forget to factor in homeowners’ association fees.
    • National median existing-condo price: $248,200[1]
    • National median existing-home price: $269,000[2]
  5. A Sense of Community. It’s pretty difficult to ignore your neighbors when you’re constantly running into each other in the elevator. Some condo communities even host resident events in the communal spaces. Of course, many next-door neighbors in houses become friends as well, but there’s just something about sharing walls that strengthens a bond.

 

The Cons:

  1. Storage. If you’re moving from a small apartment, the lack of storage may not be much of an issue. But if you’re coming from a four-bedroom house with a two-car garage and a shed in the backyard—it may be a deal-breaker. Some condominiums have communal bike storage and maybe even a storage shed for each unit, but it’s not going to be as much as you’d get at a single-family home.
  2. Outdoor Space. Remember how you no longer have to mow the lawn? Well, that also means you don’t have a lawn to enjoy. There may be a beautiful courtyard and even a specified area for dogs, but space belongs to everyone in the building and it likely won’t be as spacious as what you’d get with your own backyard.
  3. Association Membership. This is where you contribute to the cost of maintaining the gym, pool, courtyard and any other amenity enjoyed by everyone in the homeowners’ association. HOA fees often range from $200 to $400 per month.[3] You’ll also be asked to follow the rules of the association. If you want homeownership to mean you can do whatever you want with your space, condo life may not be for you.
  4. Resale. Selling a condo can be more challenging than selling a home because there are probably several units exactly like it in the same building. If you have the best view, this might make it easier, but knowing how much to ask for your unit compared to your neighbor’s can be difficult.
  5. Proximity. Even if you enjoy the sense of community that comes with living in a condo, you may not like being able to hear your neighbor’s dog barking or door slamming at all hours. Much like living in an apartment, privacy is hard to come by in a large condominium complex.

 

If you feel like these pros outweigh the cons, we're here to help!

let's get started!

    Sources
[1] https://www.nar.realtor/newsroom/metro-home-prices-climb-to-new-all-time-high-rise-53-percent-in-second-quarter
[2] https://www.investopedia.com/articles/mortgages-real-estate/08/homeowners-associations-tips.asp

Search Results for query

November 12 2018

What to Keep From Your Closing

After several stressful months of buying or selling your home, it may be tempting to put the transaction in the past and dispose of the evidence—which is often more than 100 pages. However, there are several important legal and financial documents...

Read More

November 05 2018

What is an Appraised Value?

Everyone wants to sell their house for more than they bought it for, but real estate is trickier than that. Markets change, and home values change right along with them. Fortunately, there are licensed professionals called appraisers who will come to your home,...

Read More

November 02 2018

Pros and Cons of Buying a Condo

Whether you are a first-time homebuyer or searching for home number ten, buying a condo instead of a house may be the perfect choice. Most condos are essentially a hybrid between an apartment and a single-family home. They are great for certain lifestyles but...

Read More

October 29 2018

What a Home Inspection Should Cover

Before making what may be the largest investment of your life, you’ll want to get a home inspection. Home inspectors are trained to examine the physical structures and systems of a house. If you’re going to spend hundreds of thousands of your...

Read More

October 26 2018

3 Reasons to Invest in Real Estate

Increasingly, Americans are choosing to invest in real estate instead of stocks, bonds, or mutual funds. From 2000 to 2016, real estate outperformed the stock market at a ratio of about 2-to-1. For three years in a row, Bankrate found more U.S. adults feel...

Read More

October 22 2018

What Does a Realtor Do?

Ever wonder about the difference between a real estate agent and a realtor? They’re the same, right? Not so. Working with a real estate agent can take a lot of time and stress out of the home buying process, but not all real estate agents are the same....

Read More

October 19 2018

Your Final Walk-Through Checklist

By the time you get to the final walk-through step of buying a home, you may be a dangerous combination of excited and exhausted. You’ve negotiated the perfect price, had the home inspected and requested repairs. You’re ready to move in! But a lot...

Read More

October 17 2018

7 Tips to Buying in a Hot Housing Market

Buying a home can be overwhelming under any circumstances, but especially in a hot housing market. Home prices go up, and the number of homes available goes down. With emotions and stress running high, you may be pressured into making a purchase you’ll...

Read More

October 15 2018

Finding the Perfect Neighborhood

Amid the excitement of hunting for the perfect house for you and your family, don’t forget to pay attention to your surroundings. It doesn’t matter how perfect your chosen house is — disliking the neighborhood can make your living situation...

Read More

12345Last

Mortgage Calculators

Crunch the Numbers With Our Helpful Mortgage Calculators

Payment Calculator

payment calculator

Payment
Calculator

Affordability Calculator

affordability calculator

Affordability
Calculator

Refinance Calculator

refinance calculator

Refinance
Calculator

The Modern Digital Mortgage with a Personal Touch

Paperless. Effortless. Awesomeness TM

Simplify the home financing process with our Digital Mortgage. We'll be here to help navigate you through the entire process.

Get Pre-qualifiedWhat is a Digital Mortgage?