You want to buy your next home, but you’re not sure if you should buy a single family home or a condo. Both have plusses and minuses, but in the big picture condo living is a great way to save time and money.
Let’s start with time
How much time do you spend on the maintenance of your home? Yard work, mowing the grass, cleaning the exterior of your home, maintenance of the pool or spa, maintenance of the walkways and driveway all takes time from your day.
If you live in a condo, the association has the responsibility of maintenance of the grounds and exterior of the building. Of course saving money happens here too. If you pay a company to care for your yard, another to care for your pool or spa and another to clean the roof and exterior, those costs aren’t a factor in a condo.
Saving money on purchase
A condo is cheaper to purchase than a comparable single family home. There could be a lot of reasons for this. When you buy a single family home, you’re buying the home and the land that it’s sitting on.
When you buy a condo you are purchasing the unit, not the land or building. It makes a difference in pricing. So that means that a 1500 square foot, three bedroom condo is much less than a 1500 square foot three bedroom home. Yes there are things like condo association dues and assessments, but it’s still generally the costs of ownership are lower.
Another time and money saver
The amenities. How much do you pay now for things like a gym membership, a community or private pool membership or golf club membership? Well, if your condo has one or more of these amenities, you can stop paying those extra membership fees. Oh, and the travel time is a thing of the past too! Walk out your door and to your destination. No driving or parking.