Should I buy a condo instead? It’s the question always popping through someone who is looking to buy a property.
Condos are making a massive splash in today’s market. Compared to single-family homes and townhouses they are cheaper and offer more conveniences that can save you a lot of money.
However, condo living isn’t for everyone, so we listed nine things to consider before purchasing a condo.
Purchasing a house near the metro or in the heart of the city can be costly. Homes near those vicinities can cost two or three times as much as a condominium that is in the same area.
People who work in urban areas may prefer condos more than house & townhouses due to accessibility and location.
The condo’s strategic location, with easy access to commercial establishments, malls, entertainment areas, hospitals, and schools, definitely offers trouble-free and hassle-free living.
When shopping for a property, you have the delightful task of reading lists upon lists of available amenities and then figuring out the difference between which ones are desirable, which ones are necessary and which ones you weren’t even looking for in the first place.
Condo living offers amenities such as swimming pools, fitness centers, bike lanes, tennis courts, children’s playground and many more. Sure these same amenities are available within the Kingstowne community centers as well but the pools and other amenities are in a condo are usually less crowded and also in closer proximity.
Fitness centers are standard amenities in the condo, so for those people who are busy but want to get fit, a condominium may be best for you.
However, these amenities are not free it comes with monthly association fee to help to maintain the facilities in the neighborhood.
Aside from being accessible and equipped with a top-notch amenities, almost all condominiums offering services like laundry and delivery on the ground floor. It makes a living in condo easier and helps you save a lot of times doing errands.
Purchasing a house and lot offers more responsibilities like cleaning the pool, replacing the lights, mowing your lawn and many more. In a condo, residents don’t worry about this things.
Remember, owning a condo comes with monthly fees, and it usually covers the cost of the maintenance of the building.
If you’re looking for an excellent investment opportunity, you may want to consider investing in a condo.
Condos are slowly becoming more and more popular with homebuyers today. If your condo’s location is in a prime area, it can be significantly easier to rent than a more expensive single family home.
Also, condos have shared maintenance cost which goes a long way in making it cheaper to own.
The return on investment is faster when purchasing a condo compare to other types of property.
Equity and Tax Advantages
If you’re deciding between renting or purchasing a condo, it is financially advantageous to buy the property.
One of the most significant advantages of purchasing a condo is your ability to build equity over time. You can use this equity for a variety of things, including growing your business or for retirement needs.
Condominiums can be much cheaper when it comes to ensuring the property, as residents only need to ensure the interior of the place.
Unlike homeowners, residents of condominiums don’t own the building they live in or the land they sit. Your condo or homeowner association will insure the property and may pay for the accidents occur in the common areas.
Quick Reselling Features
Condominiums amenities, proximity, building features and lesser costs give it more chances for faster re-selling compared to house and lot.
Condominiums required to a specific set of structural codes or building standards, to ensure your home is sturdy and can withstand certain natural disasters.
It is essential that the condo your about to purchase meets those building standards. Although it cannot eliminate all potential risks, reducing all risks to an acceptable level helps.
- Steps to Buying a Condo Guide
- Condominiums in Kingstowne
- Thinking About Buying a Condo in Kingstowne?
Are you thinking about buying a home soon? Check out our Steps to Buying a Home Guide. Feel free to give me a call at 703-539-2053 or email [email protected] to schedule a private showing of this or any other property.
Thinking of selling your home? Check out our 20+ step Guide to Selling Your House. Or you can contact me now to start the process immediately. Same day appointments are available on a case by case basis. I look forward to hearing from you.
About the Author: The above article was written by Abraham Walker, Your Northern Virginia Real Estate Agent, helping clients market their homes to achieve high sales with a quick closing time is my main priority. He’s the co-founder of Ask A Walker and can be found on YouTube, Facebook, and HERE on this blog.
I can be reached via email at [email protected] or by phone at (703)539-2053. I’m happy to answer all your real estate questions.
I help people sell and buy real estate in the following Northern Virginia area cities & neighborhoods: Kingstowne, Island Creek, Cameron Station, Overlook, Alexandria, Old Town, Belle Haven, Fort Hunt, Mount Vernon, Springfield, West Springfield, Burke, Lorton, Woodbridge, Lake Ridge, Manassas, Annandale, Fairfax, Arlington, McLean, Reston, Herndon and of course Vienna.