If you’re looking to buy a house but getting frustrated at the lack of inventory, maybe it’s time to get creative! Have you considered buying a condo for your next home? While condos aren’t the right fit for every person or family, it’s worth considering whether or not they’re right for your situation.
If you’ve taken condos out of the search criteria for your next home, here are some powerful reasons to reconsider:
Condos are typically less expensive than single-family homes.
Condos are often more affordable than single-family homes, according to the National Association of Realtors. Mortgage and insurance payments are both typically lower in condos. Of course, you need to consider the monthly condo fees—just as you’d factor in any potential HOA fees in a single-family home neighborhood. Condo fees often include some utilities and services like water and trash pickup, which you may have to pay separately in a single-family home.
When you’re comparing a specific condo to a specific single-family home, make sure you take all these different numbers into account.
Condos are easier to maintain.
Condo associations typically take care of mowing, snow removal, gutter cleaning, and maintaining your major systems like HVAC, electrical, and plumbing. Costs for these repairs are built into monthly fees. Not having to deal with these issues on a regular basis can save so much time!
Particularly costly repairs like getting new siding may involve a special assessment on top of your normal dues, but you’re always taking care of it as a group rather than paying a massive bill by yourself as the owner of a single-family home. When it comes to major repairs in a condo, you also have the added benefit of not having to schedule or supervise the contractors.
Condo communities often have better amenities.
Condos often have gyms, pools, outdoor dining areas, dog parks, coworking spaces, and other amenities that you may not find in most single-family homes. You can enjoy these shared spaces without being in charge of keeping them up!
When looking at different condos, make a list of what amenities you would use and enjoy. Try to find an association that has the amenities you want without having too many extras that you won’t use, as you’re paying for the amenities in the dues.
Single-family homes have more privacy and independence.
Of course, you’re living in closer proximity to other people in a condo. You may hear noise through shared walls, and be with others in common spaces. Also, there may be more rules in a condo than in a single-family home (regarding noise, pets, and renting out your home, for starters). However, some single-family home neighborhoods do have strict HOAs.
Being around others more could be a benefit or a drawback depending on your personality, and condo rules may or may not bother you! Just be aware of what you’re agreeing to when you choose where to live.
Making the decision:
When it comes time to decide on where you’ll live next, weigh all the above pros and cons and prioritize what’s most important for your family. Does everything you’d gain by moving into a condo weigh more than what you would lose by leaving your current home? Which living situation would bring you more joy?
If you do decide to buy a condo, you can maximize your downsize with MarketPro Homebuyers. No matter the state of your current house, we can give you a fast cash sale to get you into your new condo. You may ask:
Can I sell my house fast if it hasn’t been updated?
Can I sell my house fast if it’s been sitting on the market a while?
Can I sell my house fast if it needs major repairs?
The answer is yes! We buy homes in any condition, as-is.
Work with MarketPro:
We’ll give you a fast cash offer for your current home just as it is now; no repairs, no upgrades, no inspection, no commissions or fees. You can even choose your exact closing date. Our team will walk you through your quote, including a review of what your home would likely bring on the open market.
If you’re in Washington, D.C., Maryland, Virginia, Pennsylvania or Florida, we’d love to show you how easy and stress-free the sales process can be. Contact us today for a same-day, no-pressure quote.