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Jun 05, 2021 | By Adebayo Adeagbo
Advantages of Buying a Condo

Advantages of Buying a Condo

Purchasing a new living space can turn out to be a challenging task. There are several options available on the market, all with enticing prices and features. Besides, every home for sale, no matter if it is an apartment, a house, or a condo, comes with both advantages and disadvantages. Moreover, for those that buy a home for the first time, a condominium can seem appealing. But for families, a house is the better choice.

Anyway, no matter what your ultimate goal is, you should take into account the following advantages of owning a condo.

Buying a condominium (condo for short)

First, lets talk about what a condo is. A condo is similar to an apartment but better. It is a unit that is privately owned within a larger building that typically has amenities like a gym, pool, jacuzzi, parks, grills.

Condos can also be townhouses. Townhouses are a cross between a single-family home and a condo. Typically, two stories but there are some single level units as well. You do have a small yard, enough to BBQ and hang out outside.

Why a condo may be a good option for you.

#1 It is cost-effective

Of course, the main advantage of buying a condo is that it is more affordable than a house. Still, this price varies depending on the size of the living space, the property value of the neighborhood, and the overall costs in the area. But experts say that buying a condo is cost-effective, as it is accessible for people of all ages.

Condos require less maintenance, only the interior of the condo is the responsibility of the owner.

In other words, other people will do the exterior maintenance for you. The exterior is managed by the homeowners association also known as the HOA. If the roof is falling apart, or there happens to be termites, the HOA will take care of these costs.

The owner would be responsible for things such as; plumbing inside the unit, replacements of any appliances, electrical issues inside the unit, flooring problems, repainting of walls, among others.

#2 It is smaller and easier to maintain

Some people prefer purchasing a condo because it is a smaller living space. This means everything will match the minimalistic style, and there will be less time spent cleaning. Besides, those that live in a condo say that they feel less prone to clutter their space.

A condo requires no yardwork or exterior maintenance. A well funded condo complex will have funds for improvements like a new roof or repaving the parking lot, or landscaping.

#3 It can get you in a prime location

And because condos are part of larger buildings, you can manage to get a reasonable price for it in a great location. Houses lack this advantage, as they are usually larger and positioned in the suburbs. So, another benefit of buying a condo is that you can find one located in an urban area. Within walking distance to shops, restaurants and other places of interest.

Some also have resort-like amenities, such as pools and fitness centers, that would be cost-prohibitive in a house.

With people living busier lives, condos are an attractive choice because of their convenience and low-maintenance lifestyle. Since HOA fees cover the exterior and many of the expensive components of the structure, maintenance is limited to the interior of dwelling.

Condo financing options

With Coole Home we have three loan options for financing a condo.

FHA Home Loan - Low down payment option with credit blemishes allowed. Condo complex must be FHA approved.

Don't know what this means? That's ok, if you applied for a loan with us we can tell you if a complex is approved or not.

FHA Resource: Is FHA better or Conventional?

 

VA Home Loan - No down payment option for Active Duty Military or Veterans. Condo complex must be VA approved.

If you've applied for a home loan with Coole Home, we can help you determine if a condo complex is VA approved. If it's not approved, we can also help you get it approved.

Conventional Home Loan - Lowest down payment available is 3%. Condo complex does not require any prior approval. A condo questionnaire must be completed by the complex.

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