Oro Valley Real Estate - Condo Living
Condominiums have been a staple in the U.S. housing market for decades. While home ownership is a goal for many individuals and couples throughout the U.S., there are many people that are not interested in a standard single-family home. Condominiums, or condos as they’re commonly referred to, are a great alternative to a house.
Know the Difference
Condominium: Ownership is the interior of the structure walls of each unit – does not include land
Townhome: Ownership includes the specific structure of the unit and the land directly underneath it
Single Family: Ownership includes land directly underneath and some land in front and/or back of the unit
Condos are a great option for those looking to buy in competitive markets. If your city is known for high real estate prices, consider condo living as a more affordable option to home ownership. Condos are also great for those looking to live in a city or metropolitan area, as they’re more readily available and will likely cost less than a typical single-family home.
Finding a home with a great sense of community can be difficult, especially if you’re looking in a specific area or city. Condos come with their own built-in community. Not only are they built in an actual community of buildings, condos generally will have community events, get-togethers, and clubs that help bring people together. Shared spaces also afford the ability to get to know your neighbors, helping create strong bonds and friendships that may not be possible in a neighborhood.
For those looking to own, but not interested in the maintenance aspect, condo living affords ownership with the ease of convenience. Some condo associations cover basic maintenance for community areas and shared green spaces, while other associations will take full responsibility of deck and patio maintenance as well.
When it comes to condo living, many communities come with amenities to help make life easier and more convenient. Shared green spaces, gathering places, communal BBQs and outdoor areas, pools, workout facilities and more are common throughout the U.S. in condo communities.
Come With Rules
Many communities come with specific rules and guidelines regarding ownership and habitation. If you like the idea of having mandatory quiet hours, limiting pets, and having a set standard for decor on patios and decks, then a condo community is something to look into.
Look Into the Homeowner Association (HOA)
Make sure you research the HOA during the purchase process. Find out the financial health of the complex, how it is governed, current and anticipated dues and special assessments, how parking and common area maintenance is handled etc.
Offering many different options, and available to buyers in every price range, condos shouldn’t be missed when looking at real estate options in 2020.