Hopkinton MA Real Estate | Donna Coakley McGowan - Millennium Realty


A condo can be a great resource in expanding your property search for a home. Condos allow the same benefits of traditional single family home ownership with slightly less hassle. If you have been juggling the idea of buying a condo versus a traditional home, you may be in luck. The first thing you should worry about is whether or not your needs will actually be met by condo living. Do you want a big yard? Are you comfortable having neighbors super close by? Most importantly, you need to make an informed decision that will help you to find the kind of property that’s right for you.


The Advantages


If you want a secure space and living that provides you with easy upkeep, a condo is really a great option. Condos provide many advantages that people may have not even thought of until now. 


Great Amenities


Condo living has different perks than that of traditional homes. Your condominium complex can include things like a swimming pool, a clubhouse, community events, tennis courts, fitness centers, and more. You won’t get all of these little extras living in a single family home. It can be a great environment for both single people and families alike.    


Security


Condos often offer either a gated community or security staff on the premises. These features allow you to feel a lot more secure in your home environment. Security will keep rowdy kids from roaming the property and only allow owners and their visitors. This feature alone may be worth it for many home buyers when shopping for a place to live.   


No Maintenance


If you’re the type of person who doesn’t enjoy yard work and is not a DIYer, condo living could be for you. Included with your condo fees is the ability to have different things in and around your home taken care of. Although the fees include different extras from place to place, Living in a condo is definitely less work as far as home care goes than a traditional house.


Price


Although condos do include additional fees, the price point of most condos is much lower than that of a traditional home. If you are just starting out, a condo is a great way to ease into homeownership without needing to save up an exorbitant amount of money for a downpayment.


The Disadvantages


While condo living has many different advantages, they do carry some disadvantages for people. These include:


  • HOA Fees
  • Lack of privacy
  • A difficult sell if you want to move
  • You live under management rules



These points can be deal breakers for some buyers. While many relish their freedom from maintenance responsibility, others just want to do as they please with their yard without needing approval. A condo could be a great choice for you in your own situation, you just need to step back and look at the pros and cons.


Condos have been gaining in popularity for a number of years for people across many segments of the population. From couples who are just starting out together to retirees, and everyone in between, condos are a smart choice that offer many advantages. In order to determine if they are the right choice for you, read on below. Ownership of Your Home Unlike renting a home, or apartment, a condo is a true investment in your future. You will have the deed to your own home so you know that all the money you pay into it will result in you actually having something to show for it. You Can Sell, or Rent, Later In spite of your condo being attached to others in the complex, it is still yours to sell if you want to. This means that you still have the freedom to move wherever and whenever you want. Conversely, you can rent out your condo if you need to move and it suits your needs better. Really, since the condo is yours, the choice is yours as well. Your Responsibilities End at Your Front Door One of the most attractive things about owning a condo is the fact that your responsibilities end literally at your front door. While you are responsible for repairs to your appliances, and the like, that you have in your home, your condo association is responsible for the lawn maintenance, snow removal and other routine outdoor tasks. This allows you to fully concentrate on your own home. Of course, this is not a free service, though. Your monthly condo association fees pay for this service. The condo association decides which service provider to use by a vote of the board. Being on the board gives you the opportunity to make a real difference in how your community is run. Close Knit Community Having a condo in a planned community that caters to a specific portion of the population such as retirees or young families allows you to have neighbors that are in the same life stage as yourself. This gives you plenty of opportunities to make lifelong friendships as well as building a support network. This type of support is something that many people often miss due to their life circumstances, so it is a particularly positive aspect of condo ownership. A condo can offer you an array of benefits that could be suited to your circumstances. As always, take the time to research your options thoroughly before making a decision.  

Franklin, MA:

This Condo in Franklin, MA recently sold for $203,000.
This is a Other style home and features 5 total rooms, 1 full bath, 2 bedrooms, and was sold by
Donna Coakley McGowan - Millennium Realty

When it comes to finding a place for you and your family to live, there have never been more options available than today. Banks and property owners have made living arrangements available and accessible to people of any lifestyle; whether you plan on staying in a home for just six months, or for the rest of your life.

It isn’t always easy, though, to determine which option is best for you. In this article, we’ll break down the financial and lifestyle characteristics of the four most common living situations: condominiums, townhouses, apartments, or owning your own home.

Condo living

Condominiums are a type of community living. But, they’re more than just an apartment that you own. Most condos are attached; meaning they’re not separated by yards and driveways. Some, however, are detached. One thing that is true for all condos, however, are the common areas throughout the development. This can include things like a park, yards, gyms, pools, or lounges and cafes. The best part about those amenities? You don’t have to worry about their upkeep.

So, since you own the condo, who pays for the common areas? Odds are, you’ll be paying a monthly fee or a homeowners association fee to upkeep the amenities your condo came with. Expect higher fees for better amenities and prime real estate location.

What about maintenance? Since you own the condo, you’re responsible for much of the interior maintenance, such as appliances. However, outdoor issues like roofing or siding are usually the responsibility of the homeowners association or property manager.

Condos are ideal for people who are somewhat committed to an area, and who want independence over their home without having to take care of all the landscaping.

Townhouses

Townhouses are in many ways the opposite of condos. They are often rented but they look like single family homes, complete with a driveway and front yard. There are also typically homeowners association fees for townhouses, but they can be significantly less since there are fewer amenities in a townhouse living environment.

Depending on your long-term plans, you can either rent or buy townhouses. Renting is usually a better choice for inhabitants who don’t plan on staying in the residence for more than a couple of years.

Homeownership

If what you truly seek in a home is independence and privacy then traditional homeownership might be the best option for you. If you own a home outright and don’t have to answer to a homeowners association, you get to choose what you do with your yard. There are of course, some limits to this, like getting additions approved by zoning boards, or trampolines signed off by your insurance company.

Financially, homes can be a good asset. They typically increase in value and allow you to build equity. You might also find them more financially dependable; rents can increase year after year, but your monthly mortgage payments typically won’t unless you choose to refinance.

Ultimately, buying a home is going to benefit you more the longer you stay there. So, if you plan on moving for work in the next few years, you might be better off renting.




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