Want to own in a popular neighborhood but struggle to find a place that falls in your price range? Consider a condo. Especially beneficial for first-time buyers or empty nesters, condos offer the best of both worlds: the chance to build equity and live smaller while avoiding costly maintenance fees.
Now, the catch is, since you’re part of a planned community, this comes with added rules, regulations, and monthly HOA (Homeowner’s Association) dues. HOA’s provide perks like pools or gyms; cover costs for water, cable, or trash; and eliminate the responsibility of lawn care and exterior maintenance repairs. It’s important to know that these monthly dues are not fixed—and can increase based on the needs of the property complex.
But here’s the gist: if you’re looking to downsize and avoid expensive home repairs, a condo may be your best fit.
- Established condominium only
- All units, common elements, and facilities within the project phase must be complete (additional phasing is not considered in review)
- At least 60% of the total units must be sold or under contract
- Pending sales may be included to meet the 60% presale requirements