Whether you are looking for your first home or your retirement home, you may be considering pros and cons of a condominium versus a single-family house. You’ve looked at both houses and condos for sale,
You Should Buy a Condo If…
- You want to save money. A single-family house in a suburb of Boston can cost over $1 million, while a condo of the same size (roughly 2,400 sq. ft), in the same area, would be less expensive at around $725,000.
- You love the city life. If location is a top priority for you, you will find that single-family homes and condominiums often exist in two very different worlds. Single-family homes are more commonly found in the quiet suburbs with more space for a yard. A condo, on the other hand, may be more commonly located in the city, just a short walk from restaurants and shopping, putting you much closer to the action.
- You travel often, or do not want to deal with the hassle of constant upkeep. Association fees will cover maintenance and repair for a condo, and the burden of hiring landscapers and contractors does not fall on your shoulders.
- You are retired. Condominiums are popular among retirees, allowing them to cut down on home-related expenses, and stretch their savings out longer. Older residents who may not be physically able to perform maintenance duties themselves will also benefit.
- You are looking for a sense of community. Condos are in closer proximity to one another than single-family homes in suburban neighborhoods. You are more likely to run into your neighbors, and there will always be an opportunity for social interaction.
- You like the amenities. Condos will often come with amenities like a swimming pool or hot tub included in the Home Owner’s Association fee. If you can’t afford your own private pool, this is a great alternative. You will not have to worry about cleaning it either!
Perhaps you are still weighing your options. You may even be wondering if you should be looking at condos for rent or condos for sale. Rental townhomes may be convenient, but the monthly rent does add up. Think of your purchase as an investment. Even if you do not intend to live there forever, renting out your condo may be a highly lucrative option.