Buying or renting a condo may be the smart move for you at the moment especially if you are looking to downsize and have a home that is easy to care for and maintain. Even if you are just starting your family, a condo could be right for a family of three until you are ready to expand in all parts of life.
A condo is a private residence within a larger community or building whereas an apartment is a leased residence within a larger community or building. They both can share common areas such as pools, gyms, or a fitness center. However, if you own a condo, you will pay monthly dues to make sure all your amenities and the community grounds continue to operate at tip-top condition.
Condo renting versus owning is whether or not you think you will need more space within a year or two. If you think you are going to grow your family and need more space to live, renting may be the way to go. However, if you are now an empty-nester or positive your family is staying at its size, a condo may be your forever home.
A huge benefit of living in a condo is there is very little maintenance for you or your significant other. You are literally paying people to do the maintenance such as cut the grass, fix the roof, shovel snow or even replace the siding. These tasks can be overwhelming to a first-time homeowner so learning what needs to be done can help you prepare for a large home when you are ready. Or if you are constantly working or traveling, this can be a huge benefit to you.
Security is another benefit of moving into a condo. A lot of condo communities offer locked entries, door people or even security professionals to let people in and out of the community. If you are often alone because your significant other works a lot, this can be reassuring because it can reduce the risk of crime around you. You also live in close proximity to other people in your community so there is always someone to turn to in case of emergency.
The amenities of a condo community are features that would cost an arm and a leg if you were living in a single family home. A pool, a fitness center or a billiards room at the community clubhouse, all come with your extra monthly fees. However, these are features that make living in the community worth it. Everything you could want to do on a weekend is right at your fingertips. The amenities can also help you meet people if you are new to an area.
A condo can be a great first step if you are nervous about diving into homeownership and are worried about your budget. They are often priced lower than single-family homes and can help you save money while learning the ins and outs of homeownership, making you more confident as you work your way up to buying a single-family home.
XOXO
That Neon Girl
