3 Reasons Buying a Condo is a Smart Decision

When it comes to buying a home, you have lots of options. You could pick an urban apartment or a dreamy single-family home on a small plot of property.

Or, you could purchase a condo.

Known for their “best of both worlds” convenience, a condo mixes the accessibility of an apartment with the spaciousness and comfort of a single-family home. Most condos share at least one wall with a neighbor, and some condos in high-rise buildings are located above or below other units.

3 Arguments for Buying a Condo

Whether you’re attracted by cost or convenience, here are three primary reasons to purchase a condo:

1. You’ll Spend Less Time On Maintenance

While the space offered by a single-family home is fantastic, the maintenance can be time-consuming and difficult. When you purchase a condo, you won’t have any lawn to mow, property to maintain, or expensive fixes to budget for.

In most condo environments, there’s a board that handles all these repairs and maintenance duties, and budgets together for big fixes, like a new roof or an updated HVAC system. This is a dream come true for maintenance-adverse homeowners who want to spend more time enjoying their space than they do slaving over it.

2. You’ll Save Some Money

When you compare a condo and home of similar square footage, you’ll typically find that the condo is much, much cheaper. Because of this, purchasing a condo can be a smart move for homeowners who want to enjoy a spacious home without the inflated price tag.

In high-cost markets, condos can act as alternatives to single-family homes that are financially out of reach for many people. Just remember that condos come with additional fees, like condo association fees and upkeep.

3. Condos Offer an Instant Community

If you’ve ever moved to a new neighborhood without knowing many people, you know how lonely and alienating it can be. Luckily, people who live in condos don’t have this problem. Equipped with an instant sense of community, condos make it easy to get to know your neighbors and develop close friendships. This is especially advantageous for buyers with young children or who are new to an area and want to integrate as quickly as possible.

While it’s true that having neighbors can be a double-edged sword (think loud music or barking dogs), most neighborly condo interactions go off without a hitch.

Buying a Condo: A Great Long-Term Decision

When it comes time to purchase your next home, a condo can be a smart option. In addition to the fact that they’re less expensive than single-family homes, they can also be more welcoming and easier to maintain. Take these things into account as you start your next home search.