Condos and Townhomes
A condo or townhome is the ideal property for those who want to have the comforts of home without having to worry about maintenance and repairs. With the great variety of multifamily buildings available today, there's a style for everyone.
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The Condo Lifestyle
A condominium is a piece of real estate where a portion of the property is individually owned, while common areas are owned and controlled by the collective owners. This means that a condo can technically be anything from a bachelor suite to a spacious luxury townhouse.
Low Maintenance Living
One thing that is near-universal with condos is their maintenance-free nature. A well-run condo collects fees every month in a reserve to covers repairs and replacements of major structures. Collected fees may also go towards smaller things like lawn cutting, hedge trimming and window washing. Condominiums offer a great lifestyle for people who don't have the time for repairs and general upkeep.
Affordable Properties with Amenities Galore
For people who want to live in a desirable area but don't have the means to afford a house, condos provide an economical and potentially lucrative alternative. Condos appreciate similarly to single-family homes, which makes buying a condo in a sought-after neighborhood a good investment. Also, they can be a great starting point for people just entering the real estate market.
Condos and townhomes are among the most affordable pieces of real estate available today, but that doesn't mean that they lack for amenities. There are condos that fit just about any lifestyle, from economical to luxury. There are luxury condos that are worth well over $1 million in some of the hottest spots of the area.
Condos and townhomes often boast amenities that would cost a homeowner a bundle to acquire. Swimming pools, fitness facilities, and clubhouses/meeting spaces are just a few of the commonly-seen features of many condominiums in the area.
Important Considerations When Buying a Condo or Townhome
To make the best of your potential investment, make sure that you read the CC&Rs (Covenants, Conditions and Restrictions) for every condo you consider. Ask yourself if you can live with these rules. It is better to pass up an otherwise great condo than to ignore these stipulations. There is always the chance that you can get onto the condo board and lobby to change the rules, but do you want to take the risk that you won't be able to?
Getting a property inspection done is just as important when buying a condo as it is when buying a home. While an inspection cannot guarantee that a condo unit is in perfect condition, the inspector can alert you to any existing or potential problems that may affect your investment.
Make sure that you check what kind of reserves your condo building has. Low reserves could mean a hefty fee if a major repair or replacement needs to be made.
A condo can be the ideal residence for on-the-go people who want a quality living space and few maintenance chores. If you choose your condo carefully, you could end up with a very profitable investment.
Contact us for help choosing the right condo or townhouse for you.
