For many people, buying a condo is the way to get into the real estate market. Let us take a closer look at some of the positive aspects to owning a condo.
Buying a Condo – Advantages
Condominiums come in a variety of styles. Some are simply apartments that have been reclassified as condos. Others are much nicer with a real homey feel to them. Whatever your choice, there are some real advantages to buying a condo.
The first advantage to buying a condo is the price. Simply put, a two bedroom condo will almost always be priced lower than a two bedroom home in nearly every area of the country. There are luxury condos that trump this rule, but there are exceptions to just about every rule. Regardless, the lower price creates a good entry point for first time buyers into the real estate market. The lower price equates to a lower mortgage and thus makes it easier to get the finances together to handle the purchase process.
The second advantage to owning a condo has everything to do with lifestyle. Simply put, do you have a green thumb? If not, a condo is for you. You rarely have more than a small deck area as part of your condo. The rest of the landscaped area is known as the common area and the homeowner’s association has people to take care of it. If you hate yard work, a condo may just be the answer for you.
A third advantage to owning a condo has to do with social interaction. In many stand alone home communities today, there is little social interaction between neighbors. Life gets busy and advents such as the internet just limit the time people get out and meet. This is not the case in a condo development. Obviously, you can hide in your condo if you wish, but most people inevitably run into their condo neighbors. Whether it is at the pool, gym or condo association meetings, you will find yourself interacting with your neighbors and making friends.
There are lots of advantages to buying a condo, but the lifestyle is not for everyone. At the end of the day, however, buying a condo is a good way to get into the real estate market.
Raynor James is with FSBOAmerica.org - get a free one month listing when you sell
for sale by owner.
