Condo Living City Perks with Suburban Prices

When to buy a condo

If you are looking at buying a townhome or condominium you may have dozens of questions. You aren’t alone! Especially since the housing market crash of the mid 2000s people have been hesitant to move from renting to owning. Now, the market has righted itself for the most part so you don’t have to worry. Here are just a few tips that you may want to be aware of when you look at before buying a condo:

1. Types of Condominiums - Condominiums come in many forms. From high-rises and lofts to townhouses, mid-rises, villas, and flats. The type of condo that is available to you will depend on your location, and the amount of money you’re looking to spend. For instance, there are probably more townhomes for rent in a state like Florida versus a more rural state like Arkansas.

2. Condominium Perks - When you are gathering information on buying a townhome you will want to ask about any fees that the association charges. The good news is that in most cases the condo or home owners association fees include great services and features ranging from a 24-hour concierge desk, elevators, a clubhouse with indoor games, outdoor and indoor swimming pools, hot tubs, work-out facilities, and security. As you can probably see from the list, having access to things like that makes the fees worth your while!

3. Why To Own Vs. Rent? - Many potential homeowners stop themselves because they can’t get past the question of why they would own versus stick with renting. Sure, with renting you often don’t have to take care of paying for repairs, but what is your rent really going towards? You aren’t building equity, and won’t make any money when you leave the rental. Condos technically appreciate at a slower rate than single-family homes, but the good news is that owning a condo allows you to build equity 100% faster than if you were renting.

The next time you see a listing for condos and townhomes for sale stop and think about the types of condos you’re seeing, the perks that they come with, and why owning vs. renting is really your best option. Talk to a realtor about buying a townhome in your area. You’ll be glad you did!

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