Whether you’re looking
to downsize, simplify your life or wanting to move to a more
central location, living in a condominium could be the
perfect place.
Doing your research before making the move can ensure you’ll
find your perfect home.
Simran Rihal, Greenwood King realtor, said there are
multiple advantages to condo living. One of the most
prominent reasons is that a condo can often be more
affordable than a single-family home therefore offering an
entry point for new home buyers.
“They give people opportunity to live in an area that they
may otherwise not be able to afford. Buying a condo makes
financial sense when compared to renting apartments because
you can enjoy benefits of hassle-free home ownership while
building equity and taking advantage of tax deductions,” she
said.
In addition, Rihal said residents can also enjoy controlled
access, hassle-free living, and amenities.
“Many provide guard service, security camera systems, and
doormen,” said Rihal. “There is also the convenience of a
lock and leave lifestyle. It is a great fit for homeowners
who do not want the responsibility of mowing the lawn and
other household chores. Since common areas are maintained
and managed by Condo Association, it is all the
association’s headache.”
Amenities are often the scene stealer in condo living.
“Many residents would not be able to afford these little
luxuries of life on their own. You get instant access to
amenities like swimming pools, tennis courts, fitness
center, and even a community theater. Maintenance costs of
such areas are shared by all owners, making them affordable
to all. In a building with more than eight stories, views
will be considered a value-added amenity,” said Rihal.
Rihal also recommends doing your research when it comes to
finding the perfect condo for your lifestyle. Start with
location and budget as not all properties are created equal.
“Condo complexes will vary from full-service buildings to
amenity-free buildings with controlled access and lawn
service only,” she said. “Don’t forget to research the type
of amenities you value. It is important to keep in mind that
certain amenities that you may not use, for instance a pool,
may be important to have as it adds to the resale value of
the condo.”
Last of all, take heed of any fees and the HOA. Rihal
advised to be aware of any add-on fees for repairs or
renovation. For the HOA, she recommended speaking to current
residents and finding out their thoughts on how well the
condo is managed.
“Be sure to check that a condo association is fully funded
and has reserves for emergencies and repairs, otherwise
these costs can be passed on to the owners. Also, check
property tax assessments so you are aware of the tax bill
that will be coming your way,” Rihal said.