The decision to become a homeowner isn't one that you're taking lightly. You have probably worked hard for many years to come up with the down payment and to get your financial situation in order so that you can afford a mortgage. But when the time comes, you may not feel ready to own a house. In this situation, a condo may be a good choice, because . . .
A Condo Might Be Easier to Rent Out
The investment you make into buying the condo may provide a great return later if you chose to offer it to renters when you move to a larger home. The convenience and ease of condos make them very appealing to those looking to rent a home.
In most cases, you can set the rent at a price that covers most of your expenses and even generates some profit. Some of the of the expenses you can include in the rent are:
- HOA fees
- homeowners insurance
- property taxes
Rent out your condo during tourism season as well. This works well if you want a second home that you can visit when want a little get-away vacation. You'll will always have a place to go, because if you're renting out your condo as a vacation rental, you can instruct the property manager to leave open the dates that you will be in the home.
A Condo Has Some Maintenance Included
Owning a condo gives you access to some maintenance from the Home Owners Association (HOA) for more serious repairs. Repairs for a leaking roofs a faulty air conditioning or heating system are usually paid for by these organizations.
Before you purchase the condo, carefully study the contract so you can clearly understand what maintenance is your responsibility, and what you can expect to be handled for you by the HOA.
A Condo Does Not Have a Lawn
Condos boast one major benefit: no lawn care! Since landscaping around condos is usually minimal and maintained by the HOA, this will never be something for you to worry about. Homeowners have to either maintain their yard themselves or hire landscapers to do the job.
Some people do not have the time or budget to do either of these things, which is why condos are a prime choice for ownership. When you're considering buying a home or a condo and you compare prices, make sure to include all the additional prices, such as lawn care for home owning, so that you get an accurate picture and can make an informed decision.
Now that you know how a condo can be a great way to own a home and earn money without all the hassle of owning a stand-alone home, ask your real estate agent to show you some in the areas you want to live. Shop around at sites like citycreekliving.com for the best condo at a price you can afford.