Condos and townhomes for sale

Buying a condominium is one of the biggest trends in the real estate market right now, and there are many advantages of owning a condo if you feel like buying a house is too big of an investment but renting an apartment is a bit too temporary. Here are just a few things to consider before buying a condo:

  • Size: Both the size of the unit itself and the entire community are important to consider. Condos tend to be similar to apartments in terms of unit size, but the number of units in each development can vary quite a bit; some condominium developments have hundreds of units, while others have as few as 10. In general, the smaller developments will likely be considered “luxury” properties and will cost more.

  • Location: Most condos are built in two great (but very different) locations: on scenic beaches and waterfront properties, or in the middle of bustling, urban areas. Location is often one of the biggest factors that people consider when buying a condominium, and very different communities tend to accumulate in beach condos as opposed to city condos.

  • Initial Cost: Many people opt to buy a condo rather than a house because the initial cost of buying a condominium tends to be a bit less than what an individual house would cost (assuming that both properties are similar in terms of luxury and overall value). The down payment for condos and townhouses tends to be about 20% of the unit’s entire price.

  • Monthly/Annual Fees: Because condos often come with so many on-site features for the community, you’ll have to plan for these extra fees that aren’t covered in the unit’s initial price tag. Sometimes these fees are mandatory (especially groundskeeping and maintenance fees), while others may be optional (like use of a swimming pool or golf course).

  • Time: It’s important to think of a condo as a long-term investment, just like a house. Most people won’t purchase a house if they aren’t planning on living there for a while — same goes for buying a condominium unit. That being said, condos are pretty good investments because even though they appreciate in value slower than houses, they’re less likely to be influenced by sudden market trends and drop in value without warning.

Now it’s your turn to help us out: Are there any factors which haven’t been mentioned and which you think are important to consider before buying a condo? Be sure to share your advice with us and our readers over in the comments section. See this link for more references.

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