When it comes to purchasing a home, there are a lot of important decisions to be made. One of the first choices is selecting what type of home will fit your lifestyle the best. Single-family homes, duplexes, townhouses, condos, and multi-family houses each have benefits. For many people, condo life stands out above the rest. Learn all about it, and decide for yourself.
1. Amenities
Amazing amenities are one of the most notable features that come with purchasing a condo. You can make a list of must-have amenities and search for Ormond Beach condos for sale. Many communities have clubhouses, gyms, pools, spas, green spaces, firepits, and dog parks. You may want to verify that all amenities are free for residents and clarify rules for visitors. It’s worth noting that the more amenities a community has, the higher your monthly homeowners’ association fee will likely be.
2. Secure
Living in a condo can make you feel safe and secure. Some complexes have quality security systems, gated entry, and interior doors that only residents can access. Living in close proximity also means that you get to know your neighbors. Residents often notice if someone or something is amiss. You can consider it a free neighborhood watch. The security is particularly nice for those that live alone.
3. Affordable
Condos can be quite affordable for a few reasons. Generally, the list price is lower than comparable single-family homes. Therefore, purchasing a condo may allow you to live in an area you otherwise could not afford. Because you will likely have a lower amount of square footage and no land, you will have lower yearly property taxes. Even insurance is more reasonable since you will only be insuring the interior of your unit.
4. Maintenance-Free
The majority of condos are maintenance-free. The condo association is usually responsible for tasks like mowing, landscaping, snow removal, waste removal, and exterior upkeep. Each community will have covenants and restrictions that clarify what maintenance will be handled for you. Whether you are unfit or unwilling to do chores, it is great to have them covered by someone else. You can save time and money by only having to care for what is within your four walls.
5. Community
Many find a great sense of community within a condo complex. It is easy to get to know your neighbors when you pass by each other regularly. You may find a friend to enjoy the amenities with. Some communities host events for their residents. Activities may include fitness classes, cookouts, and game nights. If you like to be involved, look into joining the association board or attend community meetings.
6. Energy Efficient
While exact energy efficiency depends on the construction, you can expect most condos to be more efficient than other homes. The majority of units have a low number of exterior walls and fewer windows than free-standing buildings. That means less energy exchange with the outdoors. There will also be some temperature transfer between neighboring units. You should have an easier load on your heating and cooling system.
7. Compact
Condominiums are perfect for those looking for a tiny home type of lifestyle. A quality unit will be compact but make the most of the space and layout. There is no reason to purchase more space than you can use. Condos can help you live minimally. You’ll need fewer belongings, less furniture, and reduced amounts of decorations to make it feel like home. A small space is perfect for first-time buyers, vacationers, retirees, and those just ready to downsize.
8. Flexibility
Owning a condo in lieu of another type of home allows for a more flexible life. If you work long hours or frequently travel, you can have fewer concerns about leaving your home vacant. Someone will always be around in case of an emergency. Maintaining your home can quickly become a full-time job. Living in a community that handles a lot of the work for you frees up your schedule for other activities.
9. Location
Condo buildings are rarely constructed in secluded areas. Most often living in a condo community means that you will have a prime downtown location. Not only is purchasing land near city centers expensive, but it also may not even be possible. Opt for a condo instead. You may be near restaurants, entertainment, shopping, events, and public transportation.
10. Equity
Condo living is very similar to apartment life. You may experience a similar unit and community. However, there is one enormous difference. Purchasing a condo will help you build equity. The money you invest in your mortgage and upgrades can come back to you once it’s time to sell. In some areas, a mortgage is also lower than monthly rent.
If you’re in the market to make a move, don’t discount the benefits of owning a condo. The HOA dues may be well worth it.
