Many people recommend that if you are a first time home buyer, younger or a recent graduate, or not planning on starting a family yet, you consider purchasing a condo. There are many reasons that this is conventional wisdom, and after all, condos are extremely popular choices for single people or seniors who are looking to purchase a home.

Condos require less upkeep than a single family home. Many times, the reason that this is recommended is that when you own a condo, you will pay significantly less in upkeep. You likely will have less repairs that need to be made. You won’t have to worry about maintaining a front or backyard. This can save you both time and money, as you won’t have to spend nearly as much on either on your home’s upkeep. After all, mowing your yard can be very time-consuming.

Condos can be less expensive in certain home markets. Depending on the housing market you are looking in, condos can be less expensive than a single family home.

Location, location, location. A lot of times, due to the smaller nature of the homes and the newer construction, condos and town homes are clustered closer to urban centers, while single-family homes may be in the suburbs. This varies by neighborhood, but if you are interested in living a more urban lifestyle, you may want to consider a condo in a location that is close to the sort of urban attractions you are interested in. For example, are the condos located near things like rail stations, high-end restaurants and retail establishments?

Are there downsides to purchasing a condo?

However, you should also consider additional factors when choosing to purchase a condo over a single family home. It’s not so much as there are downsides, as there are pros and cons for both condos, and single family homes, that you should consider before making the decision of which type of home is right for you.

You often have to pay monthly fees to either a homeowner’s association or other group when you own a condo. Also, with condos you may not be allowed to make any dramatic changes to your home’s exterior or interior without consulting the homeowner’s association, and that may not appeal to you.

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This is filed under Home Buying.


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