There are many ways that moving from renting to buying can help you, and give you what you need to have your own private space. If you’re not so sure that buying a single family home is going to be right for you, though, buying a condo could be a great choice. When you choose a condo you get some of the same perks you would enjoy in a single family residence, but you also get some of what people like about living in an apartment building. Because each condo can be different, though, you’ll want to make sure you read the contract carefully and understand your rights and responsibilities clearly. That can help you have what you need to make the right financial decision and enjoy your new condo.
1). Are you ready to own your own home?
Being ready to own instead of renting is important if you’re thinking about buying a condo. With the purchase of a home comes more freedom, but also more responsibility. You want to be sure you’re ready for that, and that the maintenance and upkeep the condo will require won’t be too much for you. While you’re considering that, also think carefully about whether you want to have more privacy than a condo can give you. Since you share the building with others, you’re not getting the same level of isolation that you’ll get with a single family residence. Either way, though, you’ll own the space inside your unit, and that means you can paint, decorate, make changes, and do all the things you didn’t get to do when you were renting.
2). Do you want the community feel of an apartment?
Some people love the community feel that an apartment building has, and they can get that from buying a condo. If you’ve rented an apartment for a long time, and you appreciate the togetherness that’s offered there, you may feel lonely in a single family residence. That’s especially true if you live alone, but can also be the case if you have family. Many condo associations have get-togethers and parties, and there are usually common rooms and areas that are used by all of the people who live in the building. Because of that, people get to know each other and help one another out. You may not want to give that up, which can make a condo the right choice for you.
3). How do you feel about mowing the lawn?
When you buy a house, you’re responsible for all the outside maintenance that comes with it. If you don’t like mowing the lawn or shoveling snow from the driveway, you may enjoy condo life more. You’ll never have to worry about exterior maintenance, because other people take care of that. There will be condo fees to cover the cost, but you won’t be required to do any of the work, and you’ll never have to worry about remembering to check on it or call someone to get an estimate to make repairs. It’s an easier kind of living than what you find in a single family home.
4). Do you have pets?
Condos and pets don’t always mix, but it really depends on the pets. A small pet or two isn’t generally a problem. If you have several big dogs, though, a condo can be difficult. They really need room to move around and run, and they aren’t going to get that in a condo. Depending on the animals, their size, and what they’re used to, most pets will do fine in a condo environment.
5). Will you spend time traveling?
If you travel a lot, either for work or just for fun, a condo can be a great choice. Your neighbors will see if someone bothers your place, and you’ll have less chance of a break-in. It’s also much easier to ask someone to pet sit or water your plants, since they’re right down the hall from you. With a single family home, traveling isn’t always as easy, because there’s more risk to leaving your property unattended. You also have to be more careful about who you get to watch over pets or plants while you’re away.
6). What kind of security are you looking for?
Choosing to purchase a house can mean that you’re more isolated. You can get a security system, but it’s not the same as sharing a wall with other people. If you want very good security, you may want to live in a condo where there’s a main door that locks and possibly even a guard at the front desk. It doesn’t guarantee your safety, but it does help protect you in a way that a single family home just won’t offer. That’s worth considering.
7). Is the price of a single family home in your area out of reach?
A lot of people buy condos because they live in an area where a single family home isn’t affordable. They can get a great place to live, and stay in a location they like, but they won’t have to rent forever. If you live your city and you’re not set on having a single family residence, a condo can be a great alternative. You’ll get a lot of the same benefits of homeownership, but at a more affordable price and with some apartment building perks, as well.
2 Point Highlight
When you choose a condo you get some of the same perks you would enjoy in a single family residence, but you also get some of what people like about living in an apartment building.
Some people love the community feel that an apartment building has, and they can get that from buying a condo.
