Believe it or not, buying a home or renting an apartment aren’t the only two options you have when it comes to finding a place of your own. Maybe buying a home and all the responsibilities that come with it isn’t the right move for you at the moment. Maybe you’re tired of renting and not being able to paint walls the color you want.
If you find yourself unhappy with either option of renting or buying a home, buying a condo might be for you.
Condos tend to be lower in price than even single-family homes. You get the benefit of independence when renting a condo but aren’t fully left responsible for repairs and maintenance mishaps.
Owning a condo can also be a great way to build equity to help you put a down payment on your future home.
For these reasons, owning a condo can be a great start on your journey to eventually owning your dream home. But it’s not always for everyone. Here are some things to consider when deciding between buying a home and buying a condo:
● Condos require less maintenance than owning a home. You aren’t responsible for things like lawn care, snow removal, etc. And typically larger things like plumbing or electrical are also taken care of. Although the con of less maintenance is that HOA fees will be a bit higher than if you owned a home.
● Condos typically have some amenities included like pools, fitness centers, front desk, etc. Houses typically don’t have amenities unless they belong to a subdivision or neighborhood that offers amenities like a pool or tennis court.
● Condos usually allow for more flexibility when it comes to location. If you are wanting to live in the city, but also own property, the flexibility of owning a condo is a great option.
● Cheaper insurance. Because of the nature of a condo (less responsibility), insurance is typically cheaper than home insurance.
If you’re ready to move on from renting but not quite ready to buy a home, owning a condo might be the best option for you! Whenever you’re ready to buy, we are ready to help. Get in touch with a team member today to start your journey towards owning your dream home (or condo!)
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