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 advantages and disadvantages of buying a condominium. The trick is to figure out if this type of real estate dwelling is right for you.
Expense Expense Expense!
More often than not, a condo can be a good option for a first time buyer because of financial and money issues. Sometimes, its a step up to 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 often is smaller and is easy to maintain. You won’t have a lot of yard 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 yard work. Different HOA’s have different terms of agreement, and will cover different things. For example, your condo complex could have plenty of grass, or plants or 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. Hey, this condo thing may just work for you.
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 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 while figuring out where you want to live!
Investing In The Future…
Ultimately investing in a condo now is a great way to invest in your future. You many 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.