So you are in the market for buying a primary residence and you are looking into condos! Condos are wonderful places to live, especially for the first time home buyer. You can purchase condos in a wide spread of areas including suburban or urban areas. Whether you are a person who does not like mowing the lawn, prefers socializing and enjoys having amenities, you would love condo home ownership!
- 1 Minute | No Hard Credit Check
An Introduction to Condos
Condos are single units within a community complex that are sold individually to buyers. In these condo complexes, every owner of a condo can use the community amenities like tennis courts, pools, and gyms. Condos are very similar to apartment buildings, but the person who lives there is an owner of their specific unit. Apartments may have limitations and rules that condos do not have, like how many people can be on the lease. Condos, for example, may not have limits for the amount of people in a unit, while an apartment has an occupancy limit. Usually, though, it is around two people to a bedroom. This means that a condo can be perfect for a single family whereas an apartment may not allow more than 1 person to a bedroom.
Condos have a homeowners association that is paid into by each condo owner. The homeowners association has rules into place for each owner in the complex. They also have a budget for any additional plans they may pursue in the future. Keep in mind that the homeowners association fee varies depending on where the community the condo is purchased in is. When you are shopping for a home, real estate websites usually show how much the homeowners association fee may be. It’s very important that you know how much the fees are, what the budget is like, and about the insurance policy. These can help you make an informed decision about whether or not buying a condo is affordable to you.
Condos May Allow Easier Access To Daily Needs
As mentioned before, condos can be purchased in urban as well as suburban areas. If you choose to buy a condo in an urban area, this can mean that you are very close to all that you may need. For example, living in downtown New York City means you may not need a car for a lot of your daily needs. Many people in urban areas choose an easier means of transit, whether it be public or a cheaper, private option.
Not needing to purchase a car due to other means of transit means you can save more money just by owning your condo. On top of that, there are definite health benefits if you choose to bike to work instead of driving in a car or riding the bus. Who knew that one reason for owning a condo could provide health and financial benefits while also reducing greenhouse gases into the atmosphere by emission?
Being closer to grocery stores and other places of interest also means that your travel time to these locations are shorter. Saving time on your commute means more time you can spend with your family. If your commute was an hour, you were actually having a 10 hour work day. Cutting your commute to 10 minutes round trip saves you a great deal of time, which is our most expensive commodity. Time is something we never get back.
Please jump to Reasons To Buy A Condo: Part 2 to continue reading!
- 1 Minute | No Hard Credit Check
