Owning a house can be quite a hassle. Not only does the maintenance and upkeep pile up over time, but bills and mortgage payments can also cost an arm and a leg. That’s why many people are opting to sell their home and go with alternative housing options, usually renting. However, there may be an even better alternative than renting: owning a condo! So why exactly should you get rid of your house and instead opt for a condo? Here are five reasons to sell your house and buy a condo.
One of the most attractive features of a condo is the lower prices that are typically associated with them. On average, condos are cheaper than similar homes, sometimes saving you thousands of dollars. This is especially important in today’s housing market, as housing prices can be extremely unaffordable for some people. It can be extremely difficult to save up enough money to make a down payment on a house and then make mortgage payments. Although usually not as cheap as renting, condos can still offer a cheaper alternative to that can make owning your own piece of real estate a reality without worrying about financial expenses a reality. If you’re struggling with your home’s bills, selling your house and buying a cheaper condo may be the way to go. If you still aren’t sold on the idea of buying a condo outright, you could always employ an alternative strategy. Renting to own is becoming an increasingly common strategy, and it works especially well with a condo rent to own. Transitioning from renting to owning is a great strategy, as it allows you to rent a condo at an affordable price and see if you would actually like the condo lifestyle without making you commit right off the bat.
Another positive about condos is the minimal amount of upkeep that needs to be done to them. Usually, the area is maintained by someone, meaning that you will have to do little to no maintenance. This means no mowing the lawn, trimming hedges, cleaning gutters, or painting the exterior. For most people, these tasks are considered extremely mundane and boring, and many people view them as a hassle. If this sounds like you and you would like to get out of doing these chores, then a condo would be perfect for you.
A defining aspect of a condo is the community of neighbors it creates with it. A condo has many families living in one connected building. Naturally, such close proximity can lead to some close relationships forming. In many cases, your neighbors may even be like a second family, often meeting up for game nights or other community events. Unfortunately, this aspect can also be seen as a negative. Some people don’t like being so close in location to non-family members, so it’s all up to personal preference. However, if being apart of a close-knit community of neighbors sounds nice to you, then a condo will be perfect for you.
Another big positive of living in a condo is the ability to take advantage of the local facilities. Many condos are equipped with public facilities like pools and fitness centers that are available to the condo residents. The residents of the condo don’t usually have to pay for access to these facilities or maintain upkeep on them, they simply come as an added benefit for everybody. Normally building and maintaining these facilities cost a lot of money for homeowners, so this can be a huge benefit if your big on fitness or relaxation. If access to these facilities sounds appealing to you, then a condo would be a great fit for you.
Although renting is technically cheaper than buying a condo, there is a main advantage that buying a condo has. Condos can always be resold, sometimes even at a profit if the condo appreciates in value. If you ever want to move out, chances are you’ll be able to get most of your money back or even more by selling the condo. This makes owning a condo sort of like an investment. The same can’t be said for when you’re renting a home or an apartment. Once you make that rent payment, that money is gone forever and can’t ever be recuperated, a major downside of renting. So, if you want to sell your house and go with a cheaper option, buying a condo may be better than renting a location.