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

July 30 2018

How Millennial Homebuyers are Saving for a Down Payment

Many millennial homebuyers are using unique methods to supplement their mortgage down payment. Learn about Eagle's various loan programs geared specifically towards first-time homebuyers. Saving for a down payment may be easier than you think.

Read More

July 28 2018

Change of Address Checklist

Between house hunting and drop-offs at Goodwill, don’t forget to share your change of address with the necessary people and organizations. Typically, you have time to update your address within 90 days of moving, but most all utilities and government...

Read More

July 27 2018

Eagle Home Mortgage Donates 3,244 Cases of Water to the Salvation Army’s Red Shield Survival Squad

Eagle Home Mortgage associates donate 3,244 cases of water to the Salvation Army's Red Shield Survival Squad in response to the extreme summer temperatures in southern Arizona.

Read More

July 27 2018

Choosing a Color Scheme for Your Home

When deciding how to design your home, color can be a powerful tool that inspires emotions, creates illusions of more space or can simply be a representation of your personality. No matter your comfort level, there is a way to incorporate color into any space in...

Read More

July 23 2018

Tips for Packing Like a Pro

Moving into a new home is an exciting time but packing and unpacking may not be what you’re most looking forward to. However, with careful planning and packing, you can save time, money, and a lot of headaches. Check out these packing tips to ensure that...

Read More

July 17 2018

Cool New Tech for Homes

Looking for the best smart home technology of 2018? We took a closer look at The Connected Home’s ecosystem of high-tech home gadgets. Here’s where the standards are set for smart home solutions in 2018.

Read More

July 15 2018

Tips to Increase Your Home’s Value

Need tips to boost your home’s value and sell your home quicker? Prospective buyers want to see that you took initiative so that they don’t have to. Here’s how to WOW to your potential buyers! Marketing to sell your home faster In the digital...

Read More

July 12 2018

Tips to a Stress-Free Moving Day

Moving is proven to be one of the most stressful life events. So it’s normal to be upset when you’re uprooting your life, but try to keep it in perspective. With these moving preparations, you can put your energy toward embracing the exciting changes...

Read More

July 11 2018

Does Moving Up Make Sense?

Do you find yourself daydreaming about a bigger home, a shorter commute or a nicer neighborhood? It may be time to consider a move up. But does it really make sense right now? Check out some of our tips on determining if moving up is the right move for you....

Read More

First34567Last

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?