Buying a Condo – The Benefits of Condominiums

One of the main things a condo provides is the chance to be in the heart of everything. People are rediscovering city living, and so in cities like San Francisco and Portland, condo sales are surging. They are located in areas near quaint little shops and fantastic small restaurants. You’re often not far from the ballpark or soccer pitch, too, so you can take in your favorite game easily.

You might also be able to get into a condo in a great vacation spot. Housing in vacation destinations is at a premium, but condos take up less real estate. You can then check with the HOA about renting the unit when you are not using it. If you can, you can put your condo to work for you when you aren’t staying there and get a little income, too.

If you love being close to your neighbors, a condo is ideal. You’re often located directly next to the next unit, typically sharing at least one common wall. You’re never far away from where it’s all happening. Safety and security are often much stronger than you could find for a house, too.

Condos save you time, too. Our lives seem to be busier than ever, despite all of our timesaving technological devices. You only own the actual interior of the unit, and pay homeowner’s association dues to handle the costs of maintaining the common areas. If your condo has a greenspace you can use, you get to host parties without mowing the lawn first. It’s all low-maintenance, so you can enjoy the home without all the work.

Condos are smaller, so they are easier to live in without feeling like rattling around in a big house. That makes them ideal for first homes for a single person or young couple starting out. They’re also perfect for empty nesters who no longer need to have a big place for the kids. Your utilities will be much less expensive than those of a house since you aren’t using as much power or watering a lawn.

If you’re into fitness, a condo is often a great route to go. Those homeowner’s fees go towards the center building, which often have gyms and pools. You don’t have to pay a separate gym membership fee any longer.

Your monthly expenses for mortgage will be lower, since your condo is not usually as costly as a house. Remember to include your HOA fees in your budget, though. Banks and other lending institutions also scrutinize condo complexes more closely. They look at how much insurance the HOA covers, and what reserve funds are available. Banks will also look at the rate of occupancy. If the complex doesn’t meet their standards, they won’t issue a loan, so you’ll be directed to a more financially healthy complex.

If you are thinking about buying a condo, take a little time and do some research on the ones in your area. You should also create a little checklist to see if owning a house or owning a condo is better for you.