Living in a condo can be a great experience. It offers flexibility and can be relatively inexpensive compared to single-family homes. That said, condos are not for everyone. So, before you purchase a condo, determine whether the lifestyle is something that fits your preferences.
Below, you will find some of the most popular advantages of having a condo and their respective downsides. If you would like more information, you are always welcome to get in touch with us at 509.682.7777 or info(at)CBChelan(dotted)com.
Less maintenance, more amenities
Condo living is often associated with enjoying a bevy of amenities and not having to worry about general maintenance. While the amenities and types of maintenance vary per condo building, this assumption is generally true.
Living in a condo allows you to enjoy features that you would not otherwise get in an average single-family home without shedding some money. These include swimming pools and gyms or fitness centers. Condos also offer extra amenities, such as social gatherings and events for recreation and entertainment. Regular security and reserved parking slots are other perks usually offered.
You can also enjoy more time on your hands as general maintenance does not fall within your responsibilities. Tasks that are typically shouldered by the property management include mowing the lawn, roof maintenance, and shoveling snow.
These come with a price, however.
HOA fees and rules
In order to finance and maintain such services and amenities, you will need to pay monthly homeowner association dues, which may or may not include maintenance and membership fees.
Monthly dues vary and depend on the level of benefits you enjoy. Furthermore, HOA dues are not fixed. Market movements can also affect the fees. Finally, HOA accounts can be mismanaged. You might find yourself paying for more than is actually needed.
In addition to fees, you have to abide by the rules and regulations set by the HOA. You might have to ask for permission from the board to install something. You may also be required to have a certain color for your curtains. Other HOAs impose “quiet times” and limits the number of guests you can entertain.
Because HOAs set up different policies, it is always best to check the regulations before making your purchase.
Cost and appreciation
Even with the monthly HOA fees, the cost of buying and maintaining a condo is still far less than running a household in a single-family home. And although condos are slow to appreciate, they do so at a steady rate. In a report by the Washington Post, it was shown that condos appreciated by 38.4 percent between 2012 and 2017. This was much higher than the 27.9 percent appreciation rate for single-family homes.
But since condo living is not for everyone, selling a condo can be a challenge. The overall condition (including the amenities and the features) of the building is not the thing that needs to be considered. HOA fees, rules and regulations, as well as the financial health of the association also need to be scrutinized.
An easy way to tell if you will have a hard time selling is to check the vacancy rate of the condominium. If most of these vacant units are for sale, how long have they been sitting on the market? This should not be a worry, however, if you plan to age in place or keep it in your investment portfolio.
Lake Chelan real estate includes condos for sale in Lake Chelan, particularly condos for sale in Wenatchee, WA. Browse our website or get in touch with us at 509.682.7777 or info(at)CBChelan(dotted)com to explore your options.