Condominiums can be smart investments, allowing you to buy property in markets where real estate (and land for development) is hard to come by.
They can make for great primary residences if you’re looking for a more urban lifestyle — or, in many cases, they can serve as a vacation home or rental property that adds income to your portfolio.
Just take note: Buying a condo is slightly different from buying a single-family home. Want to make sure you’re prepared for a condo purchase? Here’s what you’ll want to think about.
-Customizability: When you own a condo, you can only make changes to your individual unit. Even then, there may be some limitations as to what you can do. The exterior and shared areas will fall under your condo board’s purview, so keep this in mind as you envision your new property.
-Maintenance: Likewise, maintenance duties are split, with the condo association taking care of exterior areas like stairwells, parking lots, pools, gyms and other amenities. This means you’re getting a convenient and low-maintenance property.
-Rules and Governing Board: Condos are a part of a larger community and are governed by rules set by the condo association. Always make sure you read the governing documents of a community before deciding to buy. They may not allow short-term rentals or certain renovations. You should also look into the association as a whole: Understand how members are elected and make decisions, as well as what fees are used toward and how much is in the reserve fund.
-Sales Potential: Condos tend to appreciate at a slower rate than single-family homes, and they may take longer to sell. The location and current market will likely have an impact, but it’s good to consider as you make plans for your next property.
Want to talk more about your property options? Reach out today to get started.
