For many, condos aren’t just starter homes but long-term real estate investments. No, you won’t have a yard the kids can play in—but that also means no landscaping. Here are just a few of the advantages of buying a condo.
Amenities And Common Area Maintenance
The amenities vary from one property to the next but can be quite impressive. From a resident gym, swimming pool, parking garage, and multiple common areas. In luxury buildings, you may have quite a bit more to choose from. Be sure to inquire about what common area maintenance is included, which is often general HVAC, electric, plumbing, grounds keeping, and more. Just make sure you understand your monthly assessment and/or common area maintenance fees—which will be in addition to your mortgage and insurance.
The Price Is Right
Not only do condominiums cost less than a house but since your mortgage payment is likely comparable to the local NoVA rent, meaning that when it is time to upgrade to a larger home that you may be able to rent your condo out instead of selling it. Be sure that you understand the guidelines for renting out your condo before you buy. For example, some buildings have a strict tenant approval process or only allow a percentage of the building to be rented out at a time. Even if your initial goal is not to rent, you may want to at some point down the road.
Security Comes With
Without a doubt, privacy between units can be an issue in condos, just like in apartment buildings. However, condos often have better soundproofing and are typically far more secure than your average apartment or house. Most buildings utilized advanced locks and entry protocols, cameras, and maybe even a doorman. If your condo is your vacation home or part-time home this may be of greater importance.
Smaller Square Footage—That You Can Personalize As You Wish
The larger a home the more time and cost required to keep it well maintained. Also, many buyers are hopping on minimalism trends and prefer to keep their footprint smaller—making condos the way to go. While condos have a lot in common with apartments, they can still be spacious and functional. Unlike your apartment, your condo can be renovated as you wish. Redo your kitchen and bathroom, customize your closets, add new floors, or do whatever else will make your new space feel like it’s yours.
There is much more to consider when deciding between a condo and a house. If you live in or are moving to Loudoun or Fairfax County and are ready to buy, a member of the Jerry Sardone Real Estate team would be happy to sit down and discuss the pros and cons of purchasing a condo vs. a home. Reach out to us today to learn more!