Condos - Condominium Style Homes
Listing information last updated on March 4, 2021 at 11:00 AM EST.
About Condo Living
The condominium, often referred to as a condo, is typically a large property complex that is divided and sold in individual units. You privately own your residence, while common areas are owned collectively by all the condo’s residents.
Condominiums often take the form of an apartment, or similar shared complex, but theoretically a condo could physically look like anything. They are especially popular in places with high property values, such as vacation areas and urban settings.
However, due to their popularity, you can find them throughout the country in a variety of settings. From couples looking to downsize from a house, first time home buyers craving a slice of city life, or those looking to buy a dream vacation home, the condo could be a fantastic choice.
Common Characteristics & Features Of Condos
- Many feature attractive amenities, such as a pool, fitness room, dark park, security, business center, covered parking, concierge, and more
- You are free from many of the chores that go along with owning a house, such as yard and exterior maintenance
- Most have monthly homeowner association fees, or HOA fees, for upkeep of the common property and amenities
- Professional management company to oversee finances, hold annual meetings and handle the day to day operations of the community.
- Some condos are marketed towards specific age groups, whether its seniors or urban business professionals
- There are often rules or restrictions pertaining to exterior décor, amenity usage, and noise
More About Condos
There are lots of reasons that a condo might be a better fit than an apartment or a single family home, and money is surely one of them. Compared to renting an apartment, with a condo you can take advantage of tax deductions. Condo prices tend to appreciate at a slower rate than single family homes, making them a more affordable choice in markets where prices are on the rise.
Before investing in a condo, check the HOA’s history of assessments, and find out if the building has a good reputation. Ask current residents how often repairs and maintenance are required, and how good the soundproofing is between units. Consider both the pluses and the minuses.
History Of The Condo
A favorite of individuals, senior citizens, and couples alike, the condominium has been an excellent alternative to single family homes since the 1800s. The idea of condos originated in New York City as an alternative to those who couldn’t afford a free standing home but didn’t want to continue renting. The tradition spread to other U.S. cities, and soon became a popular alternative to both renting and owning a large house that might not be affordable or desirable for the first time or older buyer.
Benefits & Location
Condos range from the extremely affordable to the super luxurious, showing the popularity of these multi-family dwellings. For many people, the amenities offered by condominiums make them a more desirable living choice than a single family home, even if they can afford a house. This is especially common in larger cities, where real estate is pricey; condos allow residents to be in the middle of the city action without paying the prices, or dealing with the upkeep of a single family home.