Condominiums are one of the most popular forms of living. There’s a reason why the “Taj Mahal” is referred to as the “White Palace.” And, if you’re on a budget and need more space than your home can provide, a condominium might be the ideal solution for you.
The continuum new launch provides the best of both worlds; it offers the stability of a house with all the benefits of an apartment. You don’t have to worry about rent payments or property taxes. You pay only for the amount of square footage that you use. And, because it’s part of a larger community, you’re often able to enjoy amenities such as swimming pools, gyms, tennis courts, and even restaurants. If you like to travel, you can do so without having to pack up everything you own and move into a hotel room.
The main downside? A condo doesn’t come cheap. But, if you’ve got the money to spend, then a condo might just be the perfect fit for you.
Condos – What They Offer
Before we talk about what makes a condo desirable and affordable, let’s take a look at exactly what a condo is. According to Urban Dictionary, a condo is defined as “a type of building consisting of individual units which share common areas such as lobbies, parking lots, roof decks, elevators, etc.” That definition doesn’t really tell us much, does it? Let’s break things down a little bit further.
In a traditional housing arrangement, you have a lot of land (or several buildings) and you build single family homes on it. In a condo, however, you still have a lot of land, but instead of building houses, you build apartments. So, a condo is actually a subset of a townhouse or apartment building.
What makes condos different from other types of dwellings? Well, they usually have two or three stories with fewer bedrooms per floor. They also tend to have smaller rooms. Some will have a kitchenette. Others include laundry facilities, balconies, and/or rooftop terraces.
How Much Does It Cost to Live in a Condo?
You may have heard people say that a condo costs less than a house, but how can that be true when a condo isn’t really a house? To answer this question, we’ll start with the price range for a typical single-family home. You can find these prices by looking at the median sales prices for various neighborhoods around the country. The U.S. Census Bureau reports that the average selling price for a single-family home in the United States was $242,000 in 2011. This means that half of single-family homes sold for more than $242,000 and half sold for less than that.
Now let’s compare these figures to those for a condo. Based on statistics gathered by the National Association of Realtors, the median sale price for a condo in the United States was $152,200 in 2013. While this number is slightly higher than the average selling price for a house, it’s still lower than the price of a single-family home. So, while a condo costs less than a house, it’s still significantly more expensive than a duplex or triplex (two or three-story townhomes).
But, is there any way to get a cheaper condo? Yes, there is! By living in a high-rise building, you can cut your monthly rent in half. High rises are typically found near downtown areas where there are plenty of jobs. These buildings offer residents access to public transportation options that allow them to commute to work in relative comfort. Plus, many high rise buildings have amenities including pools, fitness centers, and even movie theaters.
While some people may prefer to live in a home, others choose to stay in a condo. As long as you’re prepared to make sacrifices, you should consider a condo. For starters, you won’t have to worry about yard maintenance. Instead of mowing grass, watering plants, and shoveling snow, you’ll be able to focus more time on enjoying the outside beauty of your surroundings.
There are also some advantages to living in a condo over a house. When people buy their first home, they often put off getting their mortgage until later in life. However, because of the relatively low cost of a condo, you can afford to purchase a place much sooner than you would with a standard single-family home. Another perk is that if you’re planning on moving within a few years, you can sell your current condo for a tidy profit.
To purchase a condominium, however, you’re stressed over whether it’s the ideal decision for you, take a stab at leasing one preceding you focus on purchasing. All things considered, in the event that a townhouse isn’t ideal for you, then, at that point, it presumably wasn’t intended for you in any case.