There are many new and luxurious condos for sale in the present housing market, and they offer an attractive option to singles and couples looking for an affordable way of maintaining a posh lifestyle with minimum hassle. But condos aren’t for everyone, and you’ll want to think the decision through before you jump in to make sure you’ll be happy with your investment. Here’s what you should consider:
- Why to Buy a Condo
In many ways, condos offer a comfortable middle ground between renting an apartment and buying a house. As in an apartment building, condo maintenance is extremely low (you’re typically responsible only for the inside of your unit); your condo fees will cover pool and lawn care. In addition, condos often offer amenities such as clubhouse space, workout facilities and even athletic courts.
The flipside, of course, is that you sacrifice some control over your investment. You may be limited in terms of what renovations you can make even inside your unit, and any outside modifications will need to be approved by the condo board.
- Where to Buy a Condo
There are quite a few luxurious condos for sale, but it’s a good idea to make sure you’re thinking about location, and not just amenities, when you’re browsing the available listings. Condos are harder to sell than single-family homes in general, so it’s important to be in a prime location to attract future buyers when it’s time for you to move on.
In addition to on-site amenities, you should look for neighborhood benefits such as restaurants and bars within walking distance, which will make your condo an attractive choice if you need to sell at some point. Even if being close to city life isn’t your primary motivation for buying a condo, you’ll probably come to enjoy being close to so many options.
- When to Buy a Condo
Many young buyers see condos as an opportunity to get into the real estate market, and that can sometimes be a good choice. But young people should think several years into the future, since big life changes such as marriage and children can happen rapidly. Condos don’t always move off the market quickly, so it might not be a good idea to buy a condo if you’re expecting to need more space in the next five years.
What are some of the benefits and frustrations of condo life? Share your experiences in the comments.