Should You Buy a Condo?
The debate that seems to face many prospective homebuyers revolves around condo purchases. Are they a smart move? The St. Louis local movers decided to analyze the topic and share some insights into home ownership and what it means when you opt for a condo instead. The first step for considering a condo as your residence is what your lifestyle is. Unlike a standalone home, you will have to deal with neighbors on a closer proximity scale, and you will also have amenities in the building that make life a little more comfortable for many who choose to live in a condo building over a house.
As the housing market continues to strengthen, condos are a strong choice for a real estate purchase. There has been very strong demand and low supply in many areas, and prices have been moving up steadily. Condos appeal highly to young people who want to live near work and play, and also for empty-nesters who no longer have a need for sprawling homes in the suburbs. Condos are a great option for seniors too, because they require significantly less maintenance than stand alone homes, thanks to the association.
Condos can be a great investment choice as a first home for young buyers, and it serves as a great and affordable stepping stone for first-time buyers. Sharing maintenance expenses with a building full of owners is much more manageable than going it alone.
So what about the downsides?
The association fees definitely save in some scenarios, covering things like landscaping, painting, and repairs, but in some buildings these fees are downright exorbitant. Read carefully and get the proper information on what your prospective building charges for HOA fees.
Shared walls are another downfall to some, who prefer more privacy. Living next to someone who blasts their music, for example, could be a turn off for someone who prefers a more peaceful existence.
Pets also have less freedom in a high rise, as there is either little green space for your pet to walk around or there are strict rules on pets in the first place.
So is it right for you? Assess your current lifestyle and see if condo living makes sense.