Condominiums are an excellent option when it comes to purchasing a home or investment property. However, similar to buying a single family home or multifamily apartment building, here are some things to think about.
Before we start, here is an abbreviation for READ YOUR HOA DOCUMENTS (RYHD). As I will say it often!
CONDOS ARE COST EFFECTIVE: Condos can be a budget friendly way to enter a market. Typically they are cheaper than a single family house and located in more central areas with public transportation. When you finance a purchase through a conventional loan you might pay as little as 3% for your down payment!
TOP NOTCH LOCATIONS: If you were to have the same budget for a home or condo, you'd typically be able to get a better location for the condo. This is because building single family houses takes up more land and land is expensive. Alternatively, condos share land, this is what makes purchasing a condo cheaper. You share the land with other condo community members.
LESS MAINTENANCE: Arguably one of the biggest reasons buy condos, they are low maintenance. Unlike single family homes, condo owners aren't usually responsible for things like yard work or exterior maintenance. It can be great for someone who has limited amounts time or physical capability to take care of such tasks. While this is typical for condos, RYHD!
AWESOME AMENITIES: Many condos have great amenities for their community. Often you will see that your HOA dues cover things like a pool, gym, sauna, game room, rooftop deck, garden, etc.
CHEAP TO HEAT: This is for the condos that share walls, floors, or ceilings. Typically, having these neighbors to your left, right, up, and down, will help insulate your unit. This means it's both easier to stay cool or stay warm.
JOIN A COMMUNITY: When you buy a condominium, you are joining a group of people who share common spaces and most likely a common goal. That goal would be to live somewhere that is enjoyable. A good community can really make a place worth living. This should be an important part of your decision making process before purchasing a condo. Do you like the community and do you agree with how they run their operations. To learn about a condo's rules and how they run their meetings RYHD.
STILL HAVE QUESTIONS? If you still have questions or need an awesome real estate agent in Portland, please feel free to give me a ring! I'd love to see how I can help you. Thanks for reading and if you got some value from this blog, I'd appreciate it if you'd share it with one other person who you think would enjoy it!
Alex Paiz
(503)-413-0974 REALTOR® Licensed Oregon Real Estate Broker with Urban Nest Realty
Disclaimer: This is not financial advice.