Lower costs and included maintenance make condos attractive
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 may be 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)
What is a condo?
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.
It is less expensive than a house
Of course, the main advantage of buying a condo is that it is more affordable than a house. A lower price means a lower down payment and a lower monthly payment.
This means that you can save some cash or invest in other things.
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 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. HOA also takes care of things like landscaping, painting, garbage, sewer, etc..
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.
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.
It can get you in a prime location
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.
Condos make great rental properties
Condo units generally cost less than a house and can be easily turned into a rental property.
- Condos are easier to rent out then a house. The easier your home is to rent out, the quicker you’ll be able to generate monthly income from monthly rental payments.
- Condos offer the same benefits as apartments. Tenants can have access to amenities like a pool, jacuzzi, parks for children, theatres, fitness centers and so on.
- There is less maintenance to deal with. With a condo, you don’t have to worry about the maintenance on a pool if for some reason it stopped working, or angry neighbors because you didn’t mow the lawn, or worry about exterior paint and fences.
- Condo are more affordable for tenants than a house. Rent on condos is usually less than a house, making it faster and easier to rent the unit out.
Condo financing options
Coole Home has three loan options for financing a condo.
FHA Home Loan – A low down payment option for first time home buyers.
VA Home Loan – No down payment option for Active Duty Military or Veterans. .
Conventional Home Loan – A traditional loan, with options available for first time home buyers, investors, second homes, etc..
Buying a condo is a great way to get started in homeownership, since they are typically more affordable than single family homes and much easier to rent than houses.
Are you ready to get pre-approved?
A mortgage pre-approval is a document from a lender that tells you exactly how much of a loan you can get. It’s based on a review of your financial information, such as income, bank statements, and your credit report. Get started by completing the form below.
Want to know what the mortgage payment includes on a condo? We did a mortgage breakdown on a condo in downtown San Diego.