Buying a home is always an anxiety-producing affair. So many things to consider—location, budget, future maintenance and repairs. Buying a condominium is often a smart compromise between owning a free-standing home, in which all repairs and maintenance are your responsibility, and an apartment where you pay rent and all the repairs and maintenance are your landlord’s responsibility. With a condo, you have the advantage of building equity, while having some of the maintenance responsibility fall on the shoulders of the condo association. Here are some of the advantages of owning a condo:
1. Build equity. Let’s face it, renting an apartment is just giving your money away. When you rent, you’re building equity for your land lord, not yourself. No matter what, buying a condo means you are building equity 100% faster than you would if you were renting—even if it doesn’t appreciate as rapidly as a single family home might.
2. Location, Location, Location. If you want to be in the center of things, condos are often located within walking distance to shops, restaurants and other amenities within the city center. Condos and townhomes also come with a built-in social network of neighbors, which can be a great way to meet like-minded people.
3. Major repairs needed? No problem! You won’t need to waste your time taking care of exterior building maintenance or yard work. Those will typically be covered by the condo association fees. It takes one major source of home-ownership stress off your plate.
4. Hate yard work? Buying a condominium means the condo association takes care of all mowing and maintenance. While single family home owners as sweating away on a hot summer afternoon, wrestling with their weed whackers, you won’t have to worry about it. Condos and townhouses are a great way to say good-bye to tedious lawn care.
5. Lots of amenities. Maybe you’re someone who loves to lounge by the pool. Or perhaps, you’ve been meaning to get that gym membership, but just haven’t gotten around to it. Townhomes and condos often come with a community pool, clubhouse or gym that is shared by all residents.
Home ownership comes with a lot of intimidating responsibilities, but if you’re buying a condominium, it really doesn’t have to. The association fees cover external building and yard maintenance, and you get lots of cool extras like a community pool or gym. There are many condos and townhomes for sale—the trick is figuring out where you want to live and the amenities you’re looking for. Happy house hunting!