Let’s face it. When you hear the word, “condo” it conjures up pictures of retiree communities. While they make great options for elderly people because the HOA (homeowners association) takes care of large outdoor maintenance items, they aren’t just for that age group! Many single people or even younger families are owning condos for those same reasons! To figure out if a condo makes sense for your lifestyle and finances, it is best to understand the pros and cons of owning one.
First, what is a condo (short for condominium)? It is a housing unit that can be part of a large apartment-like complex, duplex units, or stand alone units like a normal house. The biggest thing that sets condos apart is as an owner, you only own the unit, not the surrounding property. That is owned and maintained by an HOA.
–Maintenance Free Living! Because the HOA owns the surrounding property of the condo, they do all of the lawn maintenance and snow plowing! It’s great for those who may not physically be able to the work or don’t have much time for outdoor maintenance. Also travelers love it because their home is in the same condition when they get home!
–Community! Whether a stand alone unit or part of a larger building, condos are built with community in mind. There are community activities, gym, facilities, and other perks depending on which community you buy into!
–Fewer Bills! In some condo HOAs, the monthly fee covers utilities like trash and water so you have fewer utility companies to talk to and pay bills to.
–Location! Many apartment style condos are built right in the heart of cities putting you close to all the action while allowing you to own your own space rather than renting.
-HOA Fees. The extra monthly fee for the maintenance free lifestyle may not be affordable for some. Interacting with HOAs can be tricky sometimes too.
-Not as much privacy. For apartment or duplex style units, there isn’t as much privacy as there is with a stand alone unit.
-Less space for storage. Many condos are on the smaller side, which could make them more affordable, but also means that there is less storage.
Condos have been around for a long time, and you will find every type of condo imaginable in West Michigan! Think condo living is right for you? You can find all the condos that are currently listed in West Michigan here including our latest luxury condo listing!
Still trying to figure out which housing solution is best for you? We can help! Schedule a free consultation with one of our agents to create a home buying plan that is right for you!