Is Buying a Condo Right for You?
There may come a time to stop renting and become a homeowner with condominiums a popular options for new homeowners and those looking to downsize. Explore the pros and cons before purchasing a condo.
Pro: Less Maintenance
Many who are not familiar with the responsibilities of owning a home can ease into becoming a homeowner with a condo. Owners pay dues to cover the costs of snow removal, yard maintenance, landscaping and more. This frees up time for busy condo owners and removes the burden of such tasks for those who may not be able to perform them easily.
Con: Less Flexibility
Condo buyers may want to save money or select their own contractors for work to be performed on a residence. Condo owners have little say when it comes to the companies and individuals an association contracts with and may not be happy with the quality of the work. Buyers who want more control over such aspects may want to look into buying a single-family residence.
Flexibility also comes into play with the rules and regulations of a condo Homeowners Association (an HOA). Buying a condo in such a community means following specific guidelines. Those who choose not to do so may be subject to fines. Individuals who may want to use outdoor spaces for entertainment or make an addition to a dwelling may want to check the fine print.
Pros and Cons: Affordability
Alexandia condos for sale are seen to be more affordable than other forms of residential real estate. Their price point can help those looking to buy a home within their means. However, condos may not appreciate at the rate of single-family homes in the area. This may be a consideration for those who want to sell their home in the future. Some home loan programs, such as Federal Housing loans, may not be able to be applied to condos. Buyers who are not applying for a conventional home loan may want to know of any restrictions that may pertain to their choice of home loan and type of home.
The HOA sets aside funds to be used for routine maintenance and unexpected repairs. This should not be exceeded often but there are times when such does happen. A condo owner may need to pay more when an assessment is performed to cover surprise expenses exceeding the reserve. Potential buyers need to take costs and restrictions into account before closing on a condo.