Is Condo Living Right for Me?
Are you thinking about buying a condo? Condo living can be fabulous, but it’s certainly not for everyone. There are a lot of factors you should consider if you’re considering the condo route. Read on to see if you’re a good candidate for condo living!
Condo living may be right for you if…
You want to live in an urban setting.
While buyers can certainly find condos in almost any setting, the majority are located in cities or close-in suburbs.
You don’t need your car.
Perhaps you don’t have a car or rarely use it. When living in a condo, odds are good parking is limited and your spot may be a distance (and perhaps an elevator ride away) from your unit. Also, you don’t mind walking from your car to your unit with groceries, etc.
You’re not super handy.
When you purchase a condo, you own it “walls in.” In other words, any exterior issues are the responsibility of condo management. If you don’t want to worry about maintaining your roof, windows, balcony, etc. you’re the ideal candidate for condo living. The condo association will handle the maintenance and repair of any exterior issues.
You loathe yardwork. If you don’t need a yard (or prefer NOT to have any grass or landscaping to worry about!), you’ll love this aspect of condo living. If a community does have green space, the association maintains it.
You love being around people.
If you’re a social butterfly, condo living is ideal for you. You’ll see people all of the time – on the elevator, in the fitness room, taking your dog for a walk, and at building events.
You like getting in your extra steps.
Great news. In condo living, you’ll have to take your trash to a chute or dumpster and likely retrieve your mail and packages from a central location.
You don’t want to be house-poor.
At the end of the day, condos are typically less expensive than single-family homes. Yes, there are other fees associated with condo living, but your monthly mortgage payment will certainly be less in a condo than in a single-family home or townhouse.
You don’t mind rules.
You’re a rule follower and appreciate when others are too. Condo associations are well-known for their rules, also known as “covenants, conditions, and restrictions.” They address issues such as condo fees, parking, pets, subleasing, and remodeling. While some may balk at such rules, others will love the clear-cut standards.
You travel a lot.
Condo living is a great option for people who travel frequently. You won’t need to worry about an overgrown lawn or pileup of newspapers in the driveway while you’re away.
You don’t have pets.
Well, let’s clarify. Clearly, some condos will allow pets. But if they do, the association is very likely to restrict what kind you may have. Certain breeds or pets over a certain weight may not be allowed.
The Bottom Line
Condo living is a great option for some people. They often have a lower price tag and so are the perfect way for first-time buyers to enter the market. We always advise our clients to ask themselves “is condo living right for me?” They should think long and hard the issues we’ve outlined here to ensure that it is.
Are you a first-time buyer? Be sure to download our guide today.
If you’re ready to take the next step towards homeownership, let us know! We’d be thrilled to help you land your dream condo, townhouse, or single-family home.
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