Buying a condo is less responsibility than a single family home. You will not be responsible for outdoor maintenance such as cutting the grass, landscaping, and anything that has to do with the actual structure. Not only is this less responsibility, but it works out well in terms of your finances as well.

Condos can be less expensive. Of course, this is not always the case. There are condos that sell for in excess of $1 million. Just like buying a single family home, you need to know your budget and then use it to find condos that you can afford. But in general, a condo will be less expensive than a single family dwelling.

Do condos cost less to insure? The answer to this question is almost always yes. Since you do not have to insure the actual building, but only the inside walls and your valuables, you are probably going to pay less for insurance. Again, if money is on your mind buying a condo is a good choice.

What do you think? Is condo living right for you? Compare the pros and cons of a condo to a single family home before buying.

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Why Buy a Condo?

Owning a condo is not like renting an apartment, you are responsible for maintaining the property and the exterior but typically this is taken care of through your regular condo fees, special assessments and under the direction of a property manager or condo president. In a good situation you don’t think about this regularly, if at all, because your manager is doing a good job and your fees are being used appropriately. In a bad situation this may not only cause you worry but may cause financial hardship and even foreclosure.

Having a bad condo manager can result in huge unnecessary expenses that are not covered by your condo fees and special assessments can be more than you can afford. You could also be stuck with a bad batch of owners or no condo owners. If your condo is not full or you have a lot of owners that are defaulting on their condo fees there isn’t enough money in the “slush fund” to pay for repairs and routine maintenance and unfortunately the responsible condo owners typically get stuck with the bill.

So before you fall for the worry free line, take a good look at the condo and evaluate its occupancy and the foreclosure rate in the area. Worry a little now and you may save yourself from panicking in the future.

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Condos: The Worry Free Option?

photo credit: Sarah Jane

First time homebuyers have a lot on their mind. In addition to figuring out how to pay for their first property they must also decide on what to buy. Although not the case with every first time buyer, many of them are attracted to the condo market. Does this sound like you? There are many reasons why first timers feel that a condo is the best way to go.

What makes a condo the perfect buy for a first timer? For one, they cost less in many cases. When you buy a condo you should be able to save money when compared to a single family home. Of course, you need to have a budget in mind nonetheless. Even though some condos cost less, many of them can set you back much more than a single family property. It is important to know your budget so you don?t make a mistake no matter what type of property you have in mind.

Moving on, condo owners do not have to worry about exterior maintenance. Most condo owners love the fact that they don?t have to cut the grass, keep the exterior clean, or deal with expensive repairs such as replacing a roof, windows, siding, etc. Before you buy a condo be sure to know what type of maintenance is included. If you simply want a place to live without having to stress about the exterior a condo is the right choice.

Even though the condo market attracts many types of buyers first timers are always at the top of the list. For this reason, the best condos are often times purchased quickly. So if you are in the market and know that you want to make a purchase it is important to move forward to ensure that you don?t get beat to the punch.

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The Condo Market: Attracting First Time Buyers

credit: Mr.Thomas

Many condo residents aren’t too concerned with their associations as long as they play by the rules and the association keeps up their end of the bargain. The real issue for many residents is the condo fees. Condominiums come with a great degree of common area expenses and a monthly assessment fee is levied against all units to defray these costs and then, usually, to create a contingency fund. Before you dive into a condominium purchase you need to research what you will be asked to pay monthly and annually to the association. You should also ask to see a copy of the condo’s rules. This information must be provided to you prior to purchase but the sooner you familiarize yourself with the restrictions and regulations the more satisfied you?ll be with the outcome.

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Condominium Associations

What does this mean for average folks, those not involved in the building, buying or selling of condominiums? Probably not too much in the short run. The condo market isn’t a yardstick for the housing market, in fact, in mot markets, it’s quite the opposite. But a positive turn in the condo market could mean that things are on the up for homeowners too.

If you’d like to take advantage of the current rock bottom condo conditions then you need to act and fast. If the market is expected to make a positive swing in the next year, you’re going to get your best prices right now. If you’re looking for a second “city” home or getaway, then this is the best time to invest in a condo. If you’re looking at it as strictly and investment opportunity, now is the time to buy, but you could plan on sitting on that property for some time as the economy recovers and the demand for condos again picks up pace.
credit: Photog*Phillip

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Condo Market Hits the Bottom