While it might be your dream to one day own a home, you might actually be better off owning a condo. If you are starting to hit the market to invest in real estate, there are pros and cons to any property. You might actually find that a condo living situation has everything that you need. Here are four pros to consider about condos.
1. General Maintenance Will be Covered
If you have never been that handy or the idea of replacing a roof or a foundation scares you, these are things that you will only need to worry about indirectly in a condo environment. All exterior maintenance, including landscaping, painting, and major construction will be funded and taken care of by HOA fees and reserves.
2. Safety and Security
While a stand-alone home may be more appealing to you, that might be an easier target for break-ins and crime. Living in a gated community with neighbors nearby is a safer option fit for singles or individuals with children. Having an extra layer of security is something that can make everyday living that much less stressful.
3. Amenities on Offer
One of the great things about condo living are the amenities that might be on offer. Many condo communities offer a pool, gym, and laundry room. This is the perk of having a shared space. HOA fees make it possible to provide these useful amenities. With a stand-alone home, you would have to come up with all the funds to add a pool to your yard or gym equipment to your home.
4. The Price is Right
The merits of owning a home, such as being able to make changes to the interior of your home and tax breaks from mortgage interest, will still ring true when buying a condo. That makes condos a better option than renting while being cheaper than buying a stand-alone home. If you think of a condo as a starter home, you can build equity can get your foot in the game for home ownership down the line.
Condos tend to get a bad wrap because of the shared space and lack of land ownership. However, condos have all the pros that are mentioned above. Make sure to weigh the pros and cons while considering your own individual situation. Looking into condos to buy might actually make the most sense in your current property search, so don't discredit condos right off the bat. Contact a company like Central Virginia Realty when you're ready to begin your search for the perfect home.