5 Reasons You Should Buy a Condo Over a House

If you’ve been sitting on the sidelines of the real estate market and are now ready to make a move, you’ll have plenty to think about.

Unless you’re dead set on buying a single-family house in the country, suburbs, or city, you should consider the benefits of purchasing a condominium. It might not necessarily be what you are looking for, but it’s worth considering the possibility of getting a condo over a house. There are some distinct advantages of purchasing a condo if you’re in the housing market.

Here are five reasons why condo ownership might be the right form of homeownership for you.

1. You’ll Save Money

One of the biggest reasons to consider a condo over a house is that you can save a lot of money doing so. Condos are generally smaller than houses, are available at lower price points than houses, and are assessed at lower property tax rates than houses. While condos are less expensive than houses in general, you will have to pay monthly maintenance fees as a condo owner. But those fees will cover exterior maintenance like roofing and siding. 

Having your condo’s homeowners association (HOA) take care of maintenance will also save you money. Your monthly maintenance fee will cover these types of projects so that you don’t have to worry about independently doing them yourself or finding a contractor to do them for you.

2. It Can Make Homeownership Less Daunting

Buying a home can be exciting and a bit unnerving. It can be overwhelming to be responsible for everything that comes with homeownership. While you’ll be a homeowner as a condo owner, you’ll have help from the HOA. It will be the entity that arranges maintenance and repairs for the exterior of the condo unit — and it’ll have contacts to get things done at more reasonable rates than you would be able to negotiate with contractors. So, if you don’t fancy having to call contractors, get quotes, and then choose the right service provider, buying a condo makes sense. You’ll have all the benefits of homeownership without all of the responsibilities.

3. Gain Access to Amentities

Another reason it makes sense to buy a condo over a house is that you’ll have access to many amenities. For instance, a condo might have a weight room, BBQ areas, swimming pools, and community spaces. These amenities can increase the quality of life for you and your family. Buying a house with these same amenities would cost an arm and a leg.

4. Live in a Great Location

Another reason it makes sense to consider buying a condo is they’re often built in great locations. Do you want the convenience of being close to schools, stores, work, public transportation, and more? Buying a condo can make life more convenient for you and everyone else in your household. And if most of what you need is relatively close, you won’t have to rely on your car for everything.

5. Get to Know Your Neighbors

Buying a condo will also give you more opportunities to get to know your neighbors. Many owners of single-family homes don’t know the people who live on either side of them. They go about their busy lives without taking the time to get to know the people who live on their street. But there tends to be a greater sense of community among people who live in condos. There’ll be more opportunities to meet and socialize with other people in the condos.

Are you in the market for a home? If so, consider adding condos to your shortlist of residences to check out with a realtor. Getting a condo will allow you to find an affordable house in a great neighborhood. And, as you can see, there are other benefits worth considering.