Buying A Condominium or CO-OP
In today's real estate market, many first time buyers opt to buy a condo instead of a house for various reasons. There are different and significant advantages, and disadvantages of buying a condominium. The trick is to figure out if this type of real estate dwelling is right for you. Read through the list below for some benefits of purchasing and living in a condo. It could be the right move for you (and your family)!
Expense Expense Expense!
More often than not, for a first time Buyer, a condo can be a good option because of financial issues. Sometimes, it's a step closer to purchasing a larger property, like a house. Many first time buyers will start out and "pay their dues" in a condo, and then are able to think about saving for a house.
A condo is usually smaller and easier to maintain than a house. You won't have a lot of outside work, which leads us to our next point, the HOA.
What is HOA? HOA stands for "Home Owners Association". This allows you to pay a fee, for someone else to take care of the outside work. Different HOA's have different terms of agreement and will cover different things. For example, your condo complex good have plenty of green belt, or plants or even a garden that the HOA will keep up for you.
Do you really need a garden?
For a lot of first time buyers, they are working full time and don't have the money or time to keep up a garden, front yard or back yard that owning a house requires.
Everyone loves a pool!
Different condominium complexes offer different types of amenities, which the HOA will pay for. Many have pools, clubhouses, tennis courts, etc. that are maintained by the HOA and that you can use at your leisure.
Smaller can be better.
Since there is usually less space in a condominium, they can be easier to re-carpet, paint and fix up. This can be a great investment and great for reselling.
Not sure where you'll end up?
Some first time buyers and condo owners are ready to get into the real estate game, but are not sure where they will end up. A condo is a great way to start investing, and figure out where you eventually want to settle down.
Investing in the Future...
Ultimately investing in a condo now is a great way to invest in your future. You may not have money to buy a house, but your condominium property could end up appreciating and you may want to keep it as a rental property, when you finally are ready to buy a bigger property. Starting small can be beneficial in the end.