Are you ready for ownership, but you aren’t sure you are ready to commit to a home yet? It’s understandable and the reason why you may be inquiring about condos for sale in your area. Homeownership is a major step in everyone’s life, but it also comes with new levels of challenges. Maintaining your yard, keeping house value up, and general maintenance.
For some, that step is a little much. Not everyone has the time, energy, or money to support a full plot of land and that’s where a condo can be extremely helpful to you. When you own a condo you get many of the perks of owning a home, but get the benefit of someone else being responsible for maintaining the outside. This of course has its pros and cons, but for those who are interested in a condo, this is exactly what they are looking for.
Common Condo Buyers
Condo buyers are usually someone that is either downsizing from a home or upsizing from an apartment. The reason for this is they are usually looking to receive the same benefits you receive from homeownership while managing to avoid some of the complications that come with it as well.
When you own a condo what you really own is everything inside your condo space. So the walls? You can do whatever you want with them. Want to drill a hole in the wall so you can hang your TV? Go for it. Of course, this also means the majority of damages that take place in the condo are up to you to fix as well. If your sink breaks then you better call a plumber.
Everything outside the condo however is entirely owned by the condo association. They handle the yard, keeping areas like the stairwell clean, and generally keeping your property value where it needs to be.
For former apartment owners, this is all very similar with the only added responsibility being keeping everything inside the home maintained. For former homeowners, this is a major relief as by reducing the amount of work they need to do on their home allows them to pursue other areas of their life. It is also great when you are just tired of trying to maintain a home.
It Will Improve Your Credit
Owning a condo, just like owning a home, will allow you to improve your credit. When you purchase a condo you are also taking on a mortgage just like you would when purchasing a house. As such you are now in debt to pay it off, but with every purchase made your credit rises.
A mortgage is a good debt to have because it’s an opportunity to prove to anyone looking into your credit that you are able to make payments on a home. Again, this is a great chance for anyone coming from an apartment to learn new ways of homeownership, but making mortgage payments is very similar to paying rent. However, this time all your payments are going towards you eventually owning that room with no payments. So all your payments are going towards something with the added bonus of the improved credit.
Many people who feel that apartments or rentals aren’t worth the investment prefer condos because that way their money is being seen as more of an investment and less of an expense. Condos are the perfect entryway into experiencing homeownership. If you are already a house owner then it’s just another way to downsize.
Downsides To A Condo
While you may be interested in available condos for sale in Melbourne FL, Satellite Beach FL, and all surrounding areas in Brevard County, you should be aware that it’s not for everyone. As with any kind of purchase, there are downsides you need to be considerate of when you are looking into making your condo purchase.
Some Limits On What You Can Do
While you can for the most part do anything you want with the inside of your condo there are condo associations out there that limit what you can do. Some do not let you replace appliances such as toilets or sinks, even if you are willing to pay for everything, and making massive changes to the flooring is likely out of the question.
So while you can for the most part treat the inside however you want there are still limits. So the condo you are making payments for to own may never entirely feel like your own. This is frustrating for some people because they feel like since they pay for it they should be able to do what they want with it. If you want full autonomy over what changes you can make then a house may be the better option for you.
Of course, every condo is different and at Ann Lenoir Real Estate if you are sold on a condo then give me a description of what you are looking for and I can point you in the right direction.
Most Problems Are Your Problems
Despite condos sometimes limiting what you are able to do you are still left with the bill on general maintenance inside. You may not be able to change the sink, but you better believe that when the sink breaks it’s on you to fix it. Not a fan of the creaky toilet? Well, you better get permission to replace it first.
This again goes into the feeling of despite owning this condo you are still limited by the condo association. It can feel like having the same limitations of an apartment despite owning it. This is why many condo owners are typically former apartment renters because the change isn’t so drastic, but many former house owners will find the lack of control frustrating.
Having the condo’s problems become your own problems without even getting the opportunity to change them is a completely understandable frustration. If you are set on a condo then let’s discuss it, but I would be remiss if I didn’t warn you about some of the frustrations that previous condo owners have come across.
If You Are Unsure There Are Other Options
Condos are for many, but they aren’t for everyone. I can also point you in the direction of houses to buy, rent, or even some apartments to rent as well. My goal is to find you the home of your dreams for right now.
If that home involves renting while you look for your dream home then I’ll get you there. If it means investing in your credit score from a condo then I can do that as well. I want you to find a place that you love living in and I will do my best to help you find it.
Ready To Invest in Available Condos For Sale?
If you are in the market to look for condos for sale and ready to invest in the condo you have always wanted? Please give me a call today, or you can use my online contact form! Let’s discuss what kind of place you are looking for and I can point you in a direction.
Already know where you want and just need a tour and someone to help you get everything settled? Even better! I’ll go through the entire process with you. Let’s get you in a condo that you can call your home. Where every mortgage payment is an investment in your future.