3 Hudson Boulevard
This can be especially beneficial for older homeowners, folks who travel often or those who otherwise don’t want to spend time on maintenance. Another important piece is the price tag. According to the most recent data from the National Association of Realtors (NAR) the median price of a condo in May 2022 was $355,700 – much lower than the $414,200 median price tag of a single-family home. Condos tend to be cheaper in terms of property taxes, too: A smaller valuation means a smaller bill from the local government. Condos have historically been more affordable than single-family homes, and that trend continues today.
If you plan to own the condo for enough time to justify paying the closing costs – which can add up to thousands of dollars – buying can be a smart move. Whether you’re looking for a starter home that can eventually help you move into a bigger space or you’re thinking about hanging on to the unit as a long-term investment, buying a condo can be a great decision. If you’re unsure of how long you actually plan to stay, renting a condo can be a good opportunity to test out a particular building or area of town before making a long-term ownership commitment. However, condo living isn’t for everyone.
If you’re ready to compare condo mortgage rates, it’s important to also weigh the benefits and drawbacks of the lifestyle, not just the price you’ll pay to move in. Sense of security: Some condo communities have security staff, Sell Condo by Owner – look at this now – and the entrances are more difficult to access from the outside than single-family homes or townhomes. Here are some top things to consider. Lower-maintenance living: Since most, if not all, exterior maintenance on condos is handled by the HOA, living in a condo means no shoveling snow, no raking leaves and no mowing the lawn.
Some might be located in high-rise elevator buildings with hundreds of other units, and others are in small walk-up buildings with just a few other units. Some are in grand old buildings, and there are always plenty of new condo developments breaking ground in large cities across the U.S. Your finances will be the main deciding factor that answers this question. Should I buy or rent a condo? As with any home type, when you buy a home, you’ll need a large sum of money for a down payment, as well as closing costs.
Lack of privacy: Condos share common areas, so you’re going to have to regularly interact with your neighbors. Rising HOA fees: HOA fees generally go up over time to address maintenance costs and any added amenities. Limited outdoor space: Condos usually maximize real estate by building up, which often means there is limited outdoor or green space. You’ll also likely hear them. Special assessments: In addition to regular monthly fees, condo associations can enact special assessments on all homeowners for unexpected expenses, or even for new amenities. It’s important to factor the cost of HOA fees into your homebuying budget, especially in more expensive housing markets. If your upstairs neighbor wakes up early for work, those footsteps might drag you out of bed, too.
