Whether you’re a first-time buyer, you’re downsizing, or you’re buying a second property, there are many different reasons for purchasing a condominium unit instead of a single-family home. While the buying process is primarily the same, there are some ways that buying a condo differs from buying a single-family dwelling. If you’re considering purchasing a condo, read more about how buying a condo differs from buying a house.
Pros of a condo
Condo living offers many perks that may not come with a single-family dwelling.
On-site amenities
Condominium buildings are equipped with pools, state-of-the-art fitness facilities, rooftops, golf simulators, on-site spas and more.
Built-in community
If you’re looking for a sense of community, researching condo buildings with an active social calendar and tight-knit community may be the environment you’re seeking. On the other hand, if you’re not interested in the maintenance that comes with a single-family home, then perhaps a condo is best for you.
Lower maintenance
While condos come with HOA fees, some go towards building and unit maintenance. For example, living in a condo means you don’t have lawn maintenance, gutter cleaning, dealing with basement flooding, or servicing the HVAC unit.
Buying a condo vs. buying the house
While there are various pros to buying a condo, it can also be a slightly different buying experience.
Consider the homeowner’s association costs
Living in a condominium building means HOA dues. These costs will cover the building’s amenities, staff and maintenance. Being familiar with the average HOA costs for comparable buildings will prevent any unexpected charges. Also, ask about future capital improvements, as this may indicate that the assessments may be raised in the next several years.
Consider the HOA rules
HOA’s have rules and regulations that help the building adhere to specific standards and aesthetics. Reading the covenants before making an offer will help you understand the rules and regulations to ensure you’re comfortable with the HOA’s level of control over your ownership.
Assess the amenities
Visiting the building’s amenities will help you feel confident in all the building offers. However, before you make an offer, be sure you’re happy with the quality of the amenities, such as the fitness center, pool, business center and any other amenities that are included in the building.
Research the building’s community
Consult with your real estate agent to learn more about the building’s community. For example, if you’re looking for a building with an active social community, but the residents typically keep to themselves, it may not be the right choice for you. Or, if you prefer quiet and privacy and the building has a lively pool scene, you may regret your purchase decision once the warm weather arrives.
Understand the parking situation
Living in a condo building typically requires purchasing a parking spot separately from the condo unit. Don’t assume that parking is readily available or that a spot comes with the unit. Also, find out if the parking is self-serve or is valet. Valet parking can be a perk for some but a nuisance for others.
