CONDO LIFE
Is condo living a good fit for your needs?
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, a Realtor with Greenwood King Properties, said there are multiple advantages to condo living. One of the top reasons is a condo can often be more affordable than a singlefamily 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 homeownership while building equity and taking advantage of tax deductions,” she said.
In addition, Rihal said residents also enjoy controlled access and varied amenities.
“Many provide guard service, security camera systems, and doormen,” said Rihal. “There is also the convenience of a lock-andleave 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.”
Finally, take heed of any fees and the HOA. Rihal said 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.