While most people would prefer single family homes and they tend to appreciate more than condos, condos are now selling at a record price as the cheaper alternative to single family home ownership. Even so, many condos are selling for more than the list price. No doubt, a lot of first time home buyers are gravitating toward condos. The fact is that any kind of home ownership is better than paying rent unless someone is only going to be the area for a short time. Certainly, if your horizon is three years or longer, buying a home, if you can afford to do so is better than renting.
Condo living comes with some trade off's. Clearly, it is higher density living so your neighbors are essentially your house mates. If they are good neighbors no problem. If they are bad neighbors, could be a nightmare. The home owner's association is there to help deal with bad neighbors because they must comply with the rules; but it can take weeks, or months to get compliance from stubborn people. And don't forget, you must comply with the rules too. If you are a non conformist, condo living might not be for you.
If buying a condo, do your homework. Before signing on the dotted line read the HOA documents so you fully understand the rules you must live by. Make sure the HOA is financially sound because if not, you could get hit with a big assessment. Some people think condo living is maintenance free. While technically true, you will be paying monthly HOA dues to have them deal with the maintenance. So one way or another you will be paying for the things that must be repaired or replaced.
Condo living is not for everyone; but it is a good alternative to renting. At Paragon, we help people sell and buy homes for the best price possible. If there is a condo in your future, we can help make it happen.
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