Considering a Condo Purchase in Columbus

Considering a Condo Purchase in ColumbusIf you have been mulling over the option of purchasing a home in Columbus you may have wondered if you should consider purchasing a condo to help you find a property you actually like at a lower cost. 

What a Condo Property Is

A condo is very much like an apartment home or townhome property with the ability to actually own the real estate instead of just renting it or sharing ownership. Some condo properties even come in a detached form on small lot sizes so they seem like single-family homes they just can't be legally considered as such because the land size around the home is smaller than the requirements for a single-family home. 

A majority of condo properties are found in apartment-style building complexes with shared walls and several shared community spaces. If you were to ask someone their description of a condo this is probably the one you would get. 

The Pros and Cons of Condo Living

 To help you determine if the purchase of a Columbus condo property would be a good choice for you, it is good to look at all of the pros and cons of condo community livings. 

The Pros

Less Maintenance

One of the biggest appeals of purchasing a condo property is that in almost all condos there is no exterior maintenance to take care of. There are some exceptions to this rule for non-traditional condos such as the detached condo property that is more like a home with a much smaller yard. For the most part, a condo owner is only responsible for taking care of what is inside the walls of the condo, and condo dues cover the upkeep of shared areas in the community. A huge benefit to people leading a busy lifestyle that cannot afford to pay for these services to be done at a single-family home. 

Lower Purchase Price

Condo homes, because of their lesser outright ownership footprint, will come at a lower cost as compared to single-family homes with their own yards of the same or comparable size. It is a good way to retain ownership of a property and benefit from ownership like building wealth and equity as the property appreciates in value. 

Easier to Get to Know Neighbors

If you are someone who enjoys community and getting to know the people around you and actually interacting with others a condo is an easier means to do so. When you are in closer proximity to your neighbors there is a higher likelihood of bumping into them and getting to strike up a conversation and get to know them. Being further separated by distance in a single-family home can make it easier to miss one another and easier to only wave instead of saying hi and holding a conversation. 

The use of community amenities also gives you the opportunity to see and get to know your neighbors better. Some people especially since the pandemic are appreciating the opportunity to make friends and acquaintances more easily. 

The Cons

HOA Fees and Regulations

Every condo association is going to charge fees called HOA dues. Every community works differently but often a condo association will charge a monthly fee to cover the costs of keeping up all the shared areas of the property from amenities, to the building exterior, to elevators, entrance gates, stairs, landscaping, etc. They will hold the dues they collect and anything extra goes into a reserve. 

Sometimes condo owners may have to pay extra fees called assessments. This occurs when an emergency happens and a significant repair needs to be made. If the association does not have enough money in the reserve to cover the costs the extra fees get split between all the homeowners to get the rest paid. 

It is a very good idea to do homework on the condo association to find out if the reserves are healthy and if a majority of condo owners are paying their dues on time. This will help you to know that amenities are being cared for and the likelihood of extra fees is minimal. It is also just good to know how much dues are and if this is a cost you can afford in addition to your mortgage payment. Some condo communities with fancy common areas and several amenities will charge hefty HOA dues. 

Less Privacy

If you are someone that likes to go home from work and put the rest of the world behind you for the night it can be tough to live in a community where your neighbors are in close proximity. Living in closer quarters enables your neighbors to notice more of your activities as well as you noticing more of their daily behaviors. This could get cumbersome when personalities clash or if you are someone that just likes to be left to themselves sometimes. 

Less Space

Generally, condo homes (at least the ones that come with a smaller price tag than a standard single-family property) are smaller than traditional homes. There is a reason for this, not only are you sharing walls with neighbors, but you are also opting for a lesser amount of square footage. Some condos however do smarlty layout the floorplans so that they feel quite spacious. 

If you are contemplating purchasing a home in Columbus let me help you find the perfect one to meet your budget and lifestyle. I am highly knowledgeable in all Columbus real estate and make it my mission to find a home you love with as little stress as possible. 

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