Condominiums are a specific type of real estate that does not work for everyone, but for many people, they are the perfect option.
If you want to consider a condominium, you should assess how it matches your wants, needs and lifestyle.
How do you feel about landscaping?
If you are someone who hates to mow your lawn and take care of things outside, then U.S. News and World Report explains a condominium could be a great choice. You will not be responsible for the outside maintenance or maintenance in common areas.
The condo complex will have a maintenance team that will handle all of these tasks for you. The service will be part of the fees you must pay to live there.
Do you value being a part of a community?
Living in a condo gives you close neighbors. You will also have common areas where you will often interact with them. Many condos have events and other things to bring together residents. It can be amazing if you really enjoy community and want to get along and interact with your neighbors.
Do you want a cheaper option to a single-family home?
If you are experiencing sticker shock at the cost of homes in your area, a condo may be the better choice. You can get them for much cheaper than a single-family home, even when you factor in the regular fees.
One thing to keep in mind, though, is condos do not gain in value as quickly as a house. If equity is a huge concern, then a condo may not be the way to go.