Throughout the last decade, condos have become a hot commodity. More and more, families have opted into this type of communal home ownership.
But why? What’s driving so many to choose condo ownership over buying a traditional house? There are several advantages to buying a condo that don’t exist with a single-family home:
In a condo development, you will have neighbors who have at least one same interest as you. They have invested in communal home living. Since their house’s value is tied into the association, there is a shared interest in keeping things well-maintained.
Many condo associations also host community events, helping new residents get acquainted in a more natural setting.
Condominiums typically offer prime locations for a much lower cost. Because the houses are built in bulk, they can offer desirable locations for lower prices.
This means beachfront housing or mountain-side living suddenly become affordable options to a much wider range of people. Million-dollar views don’t have to cost a million dollars.
The joys of home ownership can quickly turn into the frustration of home maintenance. Owning a home means you soon become an expert in lawn care, painting, roofing and many others. Condominiums shift the responsibility onto the association, leaving you more free time to enjoy your home.
Many condominiums offer amenities that are simply not available to individual homes. Swimming pools, tennis courts, fitness centers or even golf courses can be right outside your house.
Owning a condo isn’t right for everyone, of course. Many don’t like the idea of paying homeowner fees or the close proximity of the neighbors. However, there are undeniable benefits to this style of living for many people. It’s easy to see why so many families and retirees are choosing condo-living as their preferred choice.
If you’ve considered purchasing a condo or have questions about the process, a real estate attorney can help. They can walk you through the standard purchasing process and review all contracts.