Many buyers assume that choosing to purchase a condominium in Euclid rather than a house in Lakewood is a decision based upon preference only but there are differences that should be considered.
Home Owners Association
All condominiums come with some type of homeowners association. The HOA generally handles common areas such as landscaping, snow removal, the exterior of the buildings, and amenities such as a swimming pool or fitness center. Not only are there monthly fees required to pay for the maintenance and repair of the common areas but HOA’s normally have rules that need to be followed. Many condos will not allow fences or sheds to be installed and some have pet restrictions. When purchasing a condo, buyers will weigh the costs and restrictions of each HOA versus the benefits they offer. The HOA fees also affect the amount of loan a buyer will qualify for. Often a condo buyer cannot qualify for as much as a home buyer due to these extra fees calculated in their monthly obligations.
Condominiums usually come with several perks such as landscaping and snow plowing handled professionally, the exterior of the home taken care of, and amenities such as a swimming pool or fitness center. While a good majority of potential buyers would love the perks and amenities that a condominium offers, they are not willing to make the trade for a smaller space without a yard of their own.
Many first-time homebuyers purchase a condominium as a starter home thinking that they can rent it out in the future when they decide to upgrade to a large home. Many investors consider a condominium a good investment as well. It should be noted though that many condominiums restrict renting in their complex though so this should be verified prior to purchasing a condominium.
There are many benefits to purchasing a condominium but buyers need to be sure they are aware of all of the pros and cons of such a purchase. Let a real estate agent help you navigate the condo world!