Buying a home can be overwhelming for many reasons – the searching, the paperwork, and all the details that come with it. What location are you looking for? How much can you afford? How much space do you need? And finally, what kind of home are you looking for?
A condo is a good mix between an apartment and a single-family home that may be something to consider. To make it easy for you we’ve listed out the pros and cons to help you with the decision!
- Location, location, location. Condos are usually located closer to shopping, restaurants, and downtown areas.
- Amenities. Pools, gyms, and other recreational features are frequently included in a condo complex.
- Low(er) Maintenance. You still have to take care of the inside of your home but with a condo all the exterior (mowing, shoveling, landscaping, etc.) is handled by the association. For external repairs, such as siding or roofing, the cost is shared amongst all the association members.
- Secure. Many are gated communities with guards and keypad entry systems.
- Affordability. Condos are usually less expensive than single-family homes.
- Lacking Privacy. You could have neighbors on either side of your unit as well as above or below you.
- Fees. Monthly homeowner’s association fees are in addition to your mortgage, and cover things such as external maintenance.
- Resale. Condos are usually a little more difficult to sell than single-family homes.
- Following the Rules. Most homeowner’s associations have rules about renovations, pets, noise, and more that you’ll be required to follow.
- Space. Condos are usually smaller than single-family homes.
If you’re looking for a home that is less work and more conveniently located then condo may be the perfect option for you! Even though it is one more thing to consider during your house hunt it is always good to make sure you know your options.