Next time you're in the market to buy a house, consider an alternative to the traditional single family home.
Townhomes or condos have a lot to offer.
This type of living is not for everybody though, so it's important to consider all of the pros of cons of condo living before making that final purchase.
The first thing to consider is how much storage you will need in your home home. Some highrises offer storage areas that are separate from the unit but they will still not have rooms, such as a basement or an attic that can be dedicated to storage. And not all buildings will offer any separate storage areas.
Outdoor space is a major consideration when deciding if a condo is right for you. If the condo has any outdoor space at all, it will be very small. This is bad news if you like to spend a lot of time outside but can be good news if you hate the upkeep that comes with having a yard of your own.
Condos also often come with pools, fitness centers, saunas, game rooms, and other amenities that may make condo living more attractive. Not only may it be costly to have all of these things in a single-family home, it may even be impossible.
Condos can also be a good fit for your lifestyle if you're not very handy. Condos often provide regular maintenance that will not only do landscaping around the building but they will also often make repairs in your own unit and can let other workers into your unit when you are unavailable.
If you're worried about security, condos are a great place to live. Not only do the entryways usually need a key for access, they may even have someone watching the door at all times. And if an emergency is to occur, there are plenty of people already around to help.
One downside to condo living are the fees included with condo living. These are generally called reserve funds or association fees.
These fees are in addition to your monthly mortgage and are used for things such as repairmen, landscaping, and other things that need to be done around the building. They also pay for the upkeep on the amenities and are payable whether or not you take advantage of the amenities.
When it comes time to sell your condo, the value you will get for your home will depend on whether there are other units in the same building for sale and what they are being sold for.
This may mean that you will not get the value you feel your home is worth. In a single-family home, the owner has much more control over the listing price.
You may also find that you don't have as much freedom in a condo as you would in a single-family dwelling. The bylaws, covenants, and restrictions may forbid things such as pets, or having a barbecue in your outdoor space. If you want to be able to use your home in whichever manner you choose, a condo may not be for you.
You will also be living in very close quarters with your neighbors in a condo. Try to meet them before buying and see if this will be a comfortable living situation.
For more information on condos, visit http://findhoustonhome.com/houston-condos.html
Paige Martin is a member of the prestigious Martha Turner Properties Circle of Excellence, an award given to honor the company's top producers. Paige is a member of the Houston Association of Realtors, Texas Association of Realtors, and the National Association of Realtors. Her website features over 500 pages of Houston real estate information and details on over 40,000 properties for sale including the Franklin Lofts. Paige Martin, Realtor, Martha Turner Properties.
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