If you’re in the market for a new home, you may be considering the pros and cons of a condominium versus a single-family home. With rates on mortgage loans trending near all-time lows, this is certainly the time to buy any property.
Condo purchases are on the rise not only for first time buyers but also for single professionals, couples without children, empty nesters and active retirees. Twelve percent of existing homes sold in October were condominiums, and sales increased by 3.3% compared to only 1.3% for single-family units.
Here are a few reasons why condo living may be the right choice for you:
- You Want High-End Features and Amenities
Many of today’s new condos are designed to attract buyers who want upscale features. You may find luxury bathrooms with top of the line fixtures and gourmet kitchens with top-notch appliances, upgraded flooring, cabinetry and countertops.
Advancement in condo development has been the increased emphasis on privacy and soundproofing by increasing the amount of drywall or using concrete or brick between units, as well as by the layout and design of the units to consider where common walls are located. As a condo owner, you may be living in a building with hundreds of other people, but you want to feel you are in your own private, quiet oasis.
- You Want Hassle-Free, Convenient Living
Home buyers often choose condominium units over single-family homes because of the convenient lifestyle it enables. Baby boomers are selling their two-story, suburban houses where they raised their families and buying condos, both for lifestyle reasons and also to bank some money to fund their retirement. Young professionals can live downtown affordably and live near the office as well as the hip new restaurants and shopping. Active retirees have a low maintenance, low stress lifestyle with access to a variety of social activities.
If you enjoy the outdoors but don’t have the time or interest in maintaining a yard, a condo may provide a perfect balance of green spaces on roofs and terraces of condominium buildings. Condo developments may also provide lifestyle-friendly features such as swimming pools, fitness centers and media rooms.
Condos also are often located near city centers for quick access to business hubs, restaurants, stores and cultural events without the need for a car.
- You Want a Greater Sense of Community
When you purchase a condo, you’re buying into a community. The close proximity to neighbors, common amenities such as swimming pools, fitness centers and planned social events is a great way to make quick friends.
- You Don’t Want to Worry About Upkeep
Mowing a lawn, pulling weeds, and repainting your house — all things of the past when you buy a condo! There will be less maintenance to take care of because you’ll pay dues to a condominium association who will take care of these upkeep needs. Typically a homeowner’s association fee includes items such as trash service, water, cable TV, internet, exterior maintenance, painting, parking, security and landscaping. Plus, when you buy a condo, community amenities such as a pool, fitness center and social activities may also be included!
Keep Your Condo Options Open
When you are making the decision to buy a new home, don’t count out a condo. Keep your options open and you may find yourself enjoying this different way of life!
And when you’re ready to purchase a condo, we can help! On Q Financial, Inc. has a specialized in-house condo team of specialists and experts that are focused on identifying the best possible financing options to get you into your new condo.