Condos are a popular style of home for first-time homebuyers and anyone who is interested in less work to do around the home. Condos are typically multi-unit complexes that share one or more walls with the other units. Let’s take a look at the pros of owning a condo.
Affordable: Condos are an affordable alternative to a single-family home in a desirable location that is known for it’s high priced homes. This may be because you are looking in a city or within close proximity to a large city or even by the water. You are likely able to find a condo with decent square footage at a price point that you can afford whereas a single-family home with that same square footage would be much more expensive.
Easy to Maintain: Condos come with homeowner association fees or HOA fees. These fees are monthly and cover things like utilities, reserve and contingency funds, amenities, maintenance and repairs, which includes lawn care, snow removal, trash removal, exterior upkeep, etc. This is often why young homeowners find condos so appealing, as they do not need to worry about landscaping, snow removal and exterior upkeep. There is also no need to worry about purchasing those items with large price tags such as lawnmowers and snow blowers as that is taken care of for you.
Location: Another reason why condos are so popular amongst young homebuyers is because they are able to purchase their own home that is in a city or very close to it. Young homebuyers are typically working in a city and therefore would like to be close to work, nightlife, and shopping. Condos give these young people the ability to purchase a home in a city rather than having to rent.
There are many pros to purchasing and owning a condo, but it’s important to also weigh the cons. There are certain limitations that come with owning a condo that do not exist when purchasing a single-family home. Purchasing a home, regardless of its type, is a large investment and commitment. It’s important that you fully research the market and find exactly what you’re looking for in your price range and then begin your house hunt.