I know what you are thinking already, this blog is about affordable living options and a condo is still not what most people would consider cheap. And your right, purchasing a condo is not cheap but it can be a much more affordable option than a house. In this post I’m going to bring to light the main pros and cons of condo ownership and if it is a good option for you.
Price: As I have already stated a condo is typically always going to be a more affordable option that a private home. You can expect to pay 20% or even 50% cheaper than a home in a similar area.
Responsibility: When you purchase a condo you are really only paying for the interior of the structure which reduces your liability and insurance costs. If something happens to your roof, then your HOA fees will cover that through their insurance.
Privacy: If privacy is a really important issue to you, then condo living might be a challenge. It really depends on who your neighbors are. If they are respectful and quiet then all is good, but if they are loud and ignore you then you could have nightmare on your hands.
HOA Fees: This stands for “home owners association” and I was on the fence about making this a con because most private homes now come with HOA fees. These are fees for the amenities that come with your condo complex, like a pool, security guard, land scape service and so on. If your goal is to have low HOA fees then you want to look for condos with a small amount of amenities.
Check out the video below by Dave Ramsey for more insight on investing in a condo.
Is A Condo Right For You?
Well it really comes down to personal life circumstances. If you are single or are married with a small family then it could be a good option. On the other hand, if you have a bigger family, then the smaller space could cause a lot of challenges. To get a good idea of what price ranges condos are in your area, check out condo.com to search millions across the united states. Whatever decision you make, just make sure to count all the cost (present and future) to determine if purchasing a condo is a good move for you and your family.
With the ever growing problem of home foreclosures, bankruptcy, and homelessness, now has never been a better time to learn about affordable living options for you and your family.
The Golden Rule For Financial Peace
There are so many difficult situations when it comes to finance and living options, but if there is one Golden Rule is is living within or below your means. That basically means that you spend no more that the money you have each month or more ideally, less than you earn so you can start saving. It’s strange but true that most people who live within or below their means have less bad unexpected financial things happen in their life that people who spend all their money. It’s like saying that if you prepare for the storm you, the storm won’t come, but if you don’t prepare, you can be ensured the storm is on it’s way.
This type of construction is far less expensive that traditional housing which can take the stress off you. This term can range from actually a house on wheels to a moveable home that is positioned to site a trailer park.
Over the last 10 years there has been a full blown tiny home movement sweeping the word. Again, they much more affordable than traditional housing and far less to maintain. The obvious challenge living in a a tiny home would be the space.
Shipping Container Homes
These have gotten my attention more than the others. Think of them a a setup from a tiny home, meaning you have the cost advantage compared to traditional housing but they offer slightly more space. The are made from steel shipping containers, formerly used to ship merchandise over seas. They make good building blocks because they are basically big rectangles you can piece together or use in single fashion. They are also much stronger than a home built from wood, making them terminate resistant.
I hope these affordable living options spark some good ideas for you to start living a more debt free focused life. For more info on affordable living options you can visit https://affordablehousingonline.com/ for a directory of resources. Also, the video below gives more great ideas to help you save money and living.