You’re tired of renting, but you don’t want to spend your weekend mowing your lawn, cleaning your gutters or shoveling that winter snow. Owning one of the available Louisville condos that might be for sale, then, might be the right choice for you.
Condos provide you with the chance to own real estate. But you won’t have to deal with exterior maintenance; the homeowners association that oversees your condominium complex will handle all exterior maintenance.
It’s important to note, though, that condo ownership isn’t always paradise. You will have to follow the rules and regulations of your condominium complex’s homeowners association. And you might struggle to move your condo unit when it’s time to sell.
Before making the decision to purchase a condo, then, it’s important to weigh the pros and cons of this housing type.
The Pros of Condo Living
Condos come with plenty of benefits. Most importantly, you can build equity in a condo. That’s what separates condo living from renting. Using home equity loans or home equity lines of credit, you can tap into your home equity to pay for everything from a child’s college tuition payments to a trip around the globe. You can use equity, too, to pay down your high-interest-rate credit card debt.
Aside from the ability to build equity, condos also often come with amenities that wouldn’t seem out of place in an upscale resort. Top condo buildings come with onsite swimming pools and fitness centers. Others come with clubhouses, business centers and meeting rooms. Still others might feature lushly landscaped outdoor areas.
And many condos are located in the heart of downturn urban areas. Many condo owners enjoy living in neighborhoods in which they can walk to the neighborhood movie theater, an eclectic mix of restaurants, boutique shops and public transportation.
Then there’s the community feel that comes with condo living. You’ll be living in a complex populated with several neighbors. If you enjoy socializing with neighbors, a condo will give you the opportunity.
Finally, condo living requires less maintenance than does owning a home. You’ll only be responsible for the upkeep of your individual unit. The homeowners association will hire crews to handle lawn mowing, snow removal, landscaping and overall exterior improvements and repairs.
Of course, there are some drawbacks that come with condos. The biggest? Your monthly homeowners associate fees.
To cover the costs of exterior maintenance and improvements, your condo association will charge all building residents a monthly fee. And there are times when that fee isn’t enough to cover more major repairs. If a roof needs to be replaced or building foundations are beginning to crack, you might be charged an extra fee through a special assessment. This can add to a serious amount of dollars to the monthly expense of living in a condo.
You’ll also have to follow your homeowners association rules and regulations. You might, for instance, be forbidden from making loud noises after a certain time of night. You might also not be allowed to have cats and dogs in your unit.
Condo units can also be difficult to sell. Many markets have a glut of condos. And often developers are transforming former apartment buildings into condominium buildings or erecting new condominium developments. It can be difficult for older units to compete with the newer offerings on the market.
As with all housing choices, condos come with their own set of pros and cons. But for certain buyers, condos are a sound choice.