5 Reasons You Should Consider Purchasing A Condo Over A Single-Family Home
Posted on: 29 July 2016
If you are looking to purchase property, you should consider all of your options. This way, you are choosing a property that works best for you and your wallet. Here are five reasons to consider purchasing a condo over a single-family home:
- You Share Responsibility for Repairs: First off, you should know that your maintenance costs will be less than they would in a home. This is because you do not have to pay for any exterior damages, such as roofing repairs. The condo maintenance team will be doing that instead. They will also paint the exterior, repair patio fences, and more. Although you will be paying an HOA fee, which is what helps pay for these repairs and maintenance, you won't have to take the time out yourself to do it or scramble to come up with the money to make the repairs.
- Insurance Costs Are Often Lower: When you are looking to buy a condo for sale, you should always ask about the associations policy coverage. If the coverage is high, then your insurance rates are often going to be much lower since the association will have insurance that already provides ample coverage.
- The Cost of the Condo Is Lower: Single-family homes are often more expensive than a condo with the same number of bedrooms. This is because when you purchase a single-family home, you are also paying to have the land that comes with it. Plus, single-family homes tend to have more square-footage. If you don't need these things, though, then you can save a significant amount of money by investing in a condo instead.
- You Get a Better Idea of the Neighborhood: Since condos have association meetings that discuss complaints made by residents, you can get a better idea of whether or not the condo is a place that you are going to be comfortable calling home. You can often ask to see what was discussed in previous meetings within the last year. When you are able to take a look at these complaints, you can often determine, based on a tour of the community whether or not these issues were resolved. If so, then it's a sign that the association has great management.
- Value Stays High: The value of your condo will often stay high since the neighbors will be subject to the condo association rules, which often means they cannot leave clutter outside on their patio, repaint the outside of the condo, and more. Since lawn maintenance is taken care of, too, it also ensures that the value of your condo stays high. If you ever plan on selling in the future, you don't have to worry about buyers being distracted by your messy neighbors.
When you know these five reasons to consider purchasing a condo over a single-family home, you can see just why it may be the best investment.
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