Now that the housing market in the United States has recovered, more Americans are looking to buy a home. One of the best options for first-time home buyers is a condo. As US News and World Report points out, condos are like fusions of the traditional single-family home and apartments. They offer the independence of a home, but with the upkeep benefits of living in an apartment. For example, you won’t have to worry about mowing your lawn when you live in a condo.
As an added bonus, condos are more affordable than houses. A 2,400-square-foot home commands an average price of more than $1 million in this market. A condo of the same size? $725,000. What’s not to like about that?
Whether you’re looking into buying your first condo for your family or you’re looking to make a business investment in these great pieces of real estate, you need to be smart about it. From knowing where to buy a condo to when to buy a condo, this in-depth guide to condos and townhouses will grant you all the know-how you need to make a savvy decision.
The Ins-and-Outs of Buying Condos Intelligently
- Geography is Increasingly Important as the Climate Changes
- The Neighborhood You Choose Will Affect Everything
- Financial Savvy is the Key to Your Success
It used to be that when you talked about geography in home buying, you were concerned with things like scenic views, access to beaches, and the summers and winters. These days, though, things have changed. As the Union of Concerned Scientists details, coastal flooding is set to increase drastically over the next few decades as the climate changes. Paired with the increase in coastal erosion and the increase in the costs of flood insurance as a result, you really need to think long and hard about choosing a condo simply because it has a great view of the ocean.
Knowing where to buy a condo isn’t just about geography, but about the neighborhood in which you’ll live. Your condo’s neighborhood will define everything in your life, from your children’s access to education to property taxes to your personal safety. Really do your research on everything your potential neighborhood offers and lacks before making a decision to help protect your future and your family’s.
At the end of the day, buying a condo is an investment. Thinking about your new home as such will allow you to find a great condo, while ensuring any investment you make is good for your future. You’ve really got to dig deep to become financially literate; what sort of growth in the market can you expect in your area? Does the condo association you’ll be a part of have a problem with delinquencies? As BankRate.com highlights, these things can affect whether or not you’re given a mortgage. Further, they can decide if you’ll take a loss when and if you decide to sell later on. Knowledge, as always, is power here.
Have you been enjoying the advantages of owning a condo for a while now? What is some of the advice you’d give first time buyers wondering about where to buy a condo and other common questions? Let us know in the comments below.