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.