Condo Living.... Is it for you?
Condos can have a positive effect on your buying power.
Let's begin with a comparison between the price of a two-bedroom condo to a two-bedroom detached single-family dwelling in the same neighborhood.
Based on livable square footage alone, condos generally sell for at least 25 to 35 percent less than a similar detached home.
When you are the owner of your very own plot of land, including the roof, foundation and all the other goodies that go with it, as a general rule, it is more expensive than dividing the costs among a group of other home owners.
In many cases would-be buyers have to choose between buying a condo that meets their living-space needs or continuing to rent.
In today's market it makes absolutely no sense to continue renting if there is any possibility that you can purchase your very own dream home. The tax savings alone are a really big deal.
It is generally less expensive to maintain an attached residence as compared to the detached or single family home.
However the replacement of a high rise roof will certainly cost much more than the cost of replacing the roof on your single
family home. When the expense is distributed across many owners as it is in a
condo association then the overall cost become less for each individual occpuant.
Condo communities and associations have many amenities like pools, golf courses and sometimes tennis courts that would just be too expensive for the average homeowner. You should consider these features very seriously as they can become a big plus when making to decision to become a condo owner or stick with the single family home.
The attached residences are great for some folks especially when the kids are grown and gone. A building with no maintenance hassles that permit you can go on trips at a whim might just be the ticket you are looking for.
