Buying a condo is a terrific way to get into homeownership without having to deal with all of the maintenance that comes with single-family homes and townhouses. Condo owners often have access to shared amenities, and the condo association is responsible for building maintenance.
Condos aren’t for everyone, however, so it’s wise to work out what your lifestyle and financial requirements are first.
Considerations When Buying a Condo
Here are some things to think about when looking at buying a condo:
- Lifestyle – Condos are great for those comfortable with apartment living. No yard or building maintenance is required. You’ll be foregoing amenities like a backyard and privacy from neighbors upstairs.
- Realtors – Work with a realtor experienced with condos to get the best outcome.
- Amenities – Make sure your realtor knows what you’re looking for. Do you want a place with a pool or weight room?
- FHA approval – Obtaining a mortgage for a condo may be more difficult than for other forms of real estate. Having an FHA-approved condo will help the process.
Pros and Cons
There are advantages and potential disadvantages of condo ownership.
- Pros – Potentially lower price, lower maintenance costs, socialization opportunities, and amenities.
- Cons – HOA rules and fees, investment risks, less privacy, parking, and storage issues.
Buying a condo is ideal for folks who don’t want to deal with a lot of upkeep or who want to take advantage of shared amenities.