If you’re ready to own property but are hesitant to commit more time and money into investing and maintaining a home, buying a condo is a sensible option. This is the first step you can take toward property ownership minus the hefty investment and day-to-day upkeep.
Distinguishing properties of condos
Proximity to urban comforts
Condos are usually found near commercial districts or main thoroughfares. This is why city dwellers prefer this property type. In Winthrop WA, you will find a number of condos near the North Cascades Highway.
Condo vs townhome
A condo is similar to other multi-family residences like townhouses or apartment complexes but the similarity stops there. One has complete ownership of a townhome, just like the standard single-family home. But a condo only has a unit under one’s name.
Condo vs apartment
When compared with apartments, both a condo and an apartment may have the same building structure. Some high-end apartments may even have shared amenities that could rival those of condos. But the most pronounced distinction between the condo and the apartment lies in ownership. Apartment tenants pay monthly rent to continuously reside in their respective units. Meanwhile, those interested in condo life buy the unit to earn ownership.
Shared amenities
Condo developers and real estate agents usually market a condo building for the kind of shared amenities it offers. This is where the competition for buyers’ attention happens. Some may offer a whole gamut of amenities but some of them may not be of use to all condo owners. Then there are some with only the standard amenities but these have been carefully curated to cater to all condo owners.
Should you buy a condominium?
Buying a condominium will depend on your savings, wants, and lifestyle. A condo may be a more affordable option than a single-family home but you also need to get used to a smaller space with only walls separating you from your next-door neighbor.
Ask yourself these questions to know how ready you are to become a condo owner:
- Do you have enough savings and a stable income? It will be easier to secure a mortgage on your condo if lenders see that you have good credit and are financially secure.
- How long will you be staying in the area? If you are staying for less than five years, then consider renting instead of buying.
- Are you willing to share spaces with others? Living in a condo means having common walls, ceilings, or floors. If you are a private person, you may need to think twice about investing in a unit.
- Can you get a Federal Housing Administration (FHA) Loan for this condo? If your condo is on the FHA’s approved list, it will be easier to get a mortgage. Review their list here. If you are a veteran or currently in the military, you can also check the Veterans Affairs office’s approved condos here.
- Who manages this property? A poorly maintained condo complex will affect your property value so ensure that a condo’s property management company has a good track record.
- Are you comfortable with the condo association? Review the association’s house rules and financial reports. See if you agree with their rules and if they manage their funds well enough to prevent sudden spikes in association fees.
For condos for sale in Winthrop, you only need to consult with our team at Coldwell Banker Winthrop Realty to help in finding the best fit for you. Leave us a message here to start.