Why You Should Include Condos in Your Home Search

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Alt-text: A beautiful condo complex

If you’ve been spending some time house hunting lately, you’ve probably come across many condos. With their recent rise in popularity, more and more investors and builders have been working on creating condo complexes. For example, many of the most popular up-and-coming neighborhoods in Denver are comprised mainly of condos. To a person who has been dreaming of a single-family home for a while, the idea of a condo can seem pretty limiting. In the general sense, a condo is a housing unit that’s built within a larger complex but is being sold by itself. It can take the form of several housing options. Most commonly, it represents an apartment within a condo complex building. However, sometimes it’s a separate roadhouse or a standalone home. There are many reasons to include condos in your home search. Going through this list of reasons should help you decide whether you are the type of person who would work well within a condominium.

It’s a different form of homeownership

Many people tend to mix up condo ownership with renting. This mixup usually comes from the fact that there will be some rules you will have to follow if you own a condo. However, condo ownership is definitely still homeownership, just in a different way. As an owner, you’ll have complete control over what happens within your unit, whether it’s remodeling or renovations. Additionally, just like owning a standalone home owning a condo will help you build equity. You should also keep in mind that owning a condo also comes with all the drawbacks of homeownership. It’s up to you to conduct any maintenance or repair. So, you should probably have a budget for that.

As far as the rules, chances are, you won’t be exempt from those if you own a standalone home. This is because many of those types of homes in America are part of an HOA.

There are usually many great amenities

Most condominiums come with various amenities. This is one of the biggest reasons you might decide to include condos in your home search. From pools, gyms, and shared outdoor community spaces to sometimes even movie theaters. As part of the complex, you will have access to all these at a lower price than if you were to build them all yourself in a standalone home. Of course, the complex will charge fees for these, which can seem pretty high at first glance. But when put in perspective, you still see that they end up being a lot cheaper than the alternative.

Alt-text: A swimming pool

Caption: Swimming pools in condo complexes are also a great way to engage with the community.

The amenities are paid for communally

One reason why these great amenities turn out to be so cheap is that they are paid for communally by every owner in the condo complex. The cost is split and paid through the COA (condominium owners association). So, any high maintenance fees that would come with these amenities in a standalone home are cut down by a lot.

Additionally, because the COA is responsible for maintenance, it almost always happens on schedule. Instead of being delayed due to personal life events.

Eco-Friendly Living Opportunities

Modern condos are increasingly designed with eco-friendliness in mind. Many new condo developments prioritize sustainability, featuring energy-efficient appliances, green roofs, and solar panels. That helps reduce the carbon footprint and cuts down utility bills. For those conscious about environmental issues, choosing a condo can be a step towards a more sustainable lifestyle. Additionally, the smaller space in a condo compared to a standalone house typically means less energy consumption for heating and cooling, making it an eco-friendly option.

Community and Social Opportunities

Living in a condo often means being part of a close-knit community. Condo complexes usually have communal areas such as lounges, gardens, or rooftops where neighbors can meet and socialize. That can appeal to first-time homeowners, retirees, or those looking to build a social network in a new city. Regular community events, organized by the COA provide opportunities to connect with neighbors, creating a sense of belonging and community support that can be harder to find in standalone home neighborhoods.

Flexibility and Convenience for Modern Lifestyles

Condos are ideal for individuals with busy or travel-heavy lifestyles. Due to their typically central locations, condos offer easy access to business districts, entertainment, and amenities. This urban convenience can save precious time for professionals or anyone who values being close to the city’s heart. Furthermore, the lock-and-leave aspect of condo living is perfect for those who travel frequently, providing peace of mind that home security and maintenance are taken care of in their absence.

They are more affordable

Standalone homes have historically had a faster appreciation rate than condos. This means you’ll likely save a lot of money on a lower down payment and lower interest rate for your monthly mortgage if you choose a condo. Another way to save money by going for a condo is the fact that they occasionally come furnished. This means that if you find a condo being offered as furnished, they may be move-in ready if you don’t have any of your own furnishings, so you won’t be spending extra money on buying them. For example, if you were moving locally within Denver from your old home to a pre-furnished condo, you can hire movers and get expert help in the area to move all of your necessities. This can be done within as little as a day, and you can enjoy your new home right away.

Alt-text: A person holding 100-dollar bills

Caption: You can save a lot of money if you decide to include condos as an option when searching for a home.

An important thing to keep in mind, however, is that the fact that they appreciate slower doesn’t mean that they don’t appreciate. In general, all hard assets, such as real estate, will appreciate in the long term. This means that when you realize it’s time to sell, you will likely get a positive ROI.

The COA can help solve problems

The COA of the complex is there to help you. It’s their job to make sure that the reserves fund and the rest of the budget are on target. This means that any problems that may come up, like a damaged roof or another kind of maintenance issue, are up to them to handle. This is an especially good reason to include condos in your home search if you’re a first-time homebuyer. There’s a certain amount of relief in knowing that you don’t have to handle everything yourself the first time around.

However, something important to note is that you have to research the condominium’s COA in advance to make sure that you’re entering a good one. Not all of them are run as well as they should be.

The security can be much better than in a stand-alone home

A condominium usually comes with many security features that would probably be considered overkill in a standalone home. However, in the condo, these are great to have. Some of the most popular security features that you find in most condos are:

1. Security guard
2. Callbox
3. Key to the elevator
4. Fire safety doors
5. Security locks

Alt-text: A security camera

Caption: Another big reason you should include condos in your home search is the added security.

They require less upkeep

Most standalone homes leave all of the upkeep and maintenance tasks to you. So everything like problems with the siding, the roof, and the lawn, plumbing leaks, driveway repairs, and shoveling snow is up to you to solve. On the other hand, if you buy a condo, all of that will be handled by the COA. And you’ll potentially save money since all you have to do is pay your monthly/yearly fees.

In a single-family home, these problems can come up and shake up your budget completely. While in a condominium, as long as you pay the fixed monthly/yearly fees, there won’t be any sudden fluctuations in the amount of money you spend because of unpredictable occurrences.

To conclude

Condominiums definitely aren’t for everyone. But if you read through this article and realized that it’s a good fit for your lifestyle and the state of your current budget, then it can be a great solution, and you should definitely include condos in your home search. Moving to a new home is a big decision, and it’s important that you remember that this is just one of the many things you have to put into consideration. For instance, you also have to consider which season you’ll be moving or how you’re going to finance the purchase. And make sure you consult with a trusted real estate agent who can instruct you to find the best option for your situation.

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