Should You Consider Buying a Condo in Waltham?
A condo is a great investment no matter if it is your first real estate investment or just the next phase in your life. Knowing the pros and cons of owning either a condo or home is important knowledge to have when weighing your decision. It is important to reach out to a Waltham real estate agent to get the best advice possible. In the meantime, let’s go over the pros and cons of owning a condo vs. a house.
There may be many reasons for you to consider owning a condo whether that is you are having trouble finding a single-family home or you are simply fed up with renting. A condo can be a way to wade your way into ownership without diving into the deep end. Owning a condo tends to be a lower price tag than a single-family home. You still have your independence, but are not off the hook when it comes to maintenance and repairs. Plus, owning a condo is a great way to build equity to kickstart your journey to your first home.
If you are looking to be a homeowner, but are curious about buying a condo versus a home, here are some pointers.
Pros of a Condo vs. a House
Condos may be a small slice of the overall U.S. housing market, but in certain areas, condos can be a significant proportion of the for-sale listings. According to the National Association of Realtors more than 5 million single-family homes changed hands last year, while condos only accounted for only 577,000 sales. Condos are often priced lower than single-family homes, a difference that can be even more obvious in costly areas. In December of 2020 the median cost of a single-family home was $314,400, while a condo’s median cost was $272,200.
Another key benefit for condo owners is the fact there is less maintenance required. As a condo owner you are not responsible for the exterior of your property. This offers a big weight off the owner’s shoulders when living in New England when the snow and leaves roll around. For some condo owners they also do not have to worry about their HVAC, electrical, and plumbing as they can be taken care of by the housing association.
Depending on the development, access to your amenities you might not otherwise be able to afford or want to maintain such as on site gyms, pools, or even heated parking garages. These may be all tied into your HOA fees so focusing on ones that fit your lifestyle the best is ideal.
At the end of the day condo insurance may be cheaper than homeowners insurance. Since you will be mainly insuring your possessions it is something worth keeping in mind when shopping around. The HOA will provide insurance as well, but it is important to check the agreement to be aware of any gaps.
Cons of a Condo vs. a House
If owning a condo was all sunshine and rainbows then we would see much more sales in condos vs houses per year. However, that is not always the case, especially with these aspects to consider:
Rules & Regulations
The moral of the story is with a condo you will not have as much autonomy as you would if you owned a house. HOA rules have often limited what you can do inside and outside your home, for example owning pets and when you can access common areas.
One of the most common cons that come up regarding condos is the lack of privacy compared to a house. Condos generally do not have the same privacy you would have with a detached house. This can especially be true if a unit next to you is constantly being turned around for a new neighbor every couple of months.
HOA fees will increase your monthly costs above your mortgage payments. However, it is important to check with the homes in your area and if they also utilize the HOA. There are common overlaps with some HOA fees that you can see in a condo and a house, such as water and trash pickup services. If you find yourself paying fees for amenities that you do not use or upgrades that are considered subpar then you may be better off exploring housing options.
If you find yourself looking for a condo as a starter investment to eventually get into a house, then it makes all the sense to consider resale when searching. This is an important factor to consider when buying a condo as they are harder to sell compared to houses. If the HOA is not well managed it may have a direct impact when it is time for buyers to step in due to lenders being reluctant to get involved. Especially if you are selling with a number of other units at the same time, this usually raises red flags for potential buyers.
If you ever find yourself in the situation of having trouble selling your condo in Waltham a Waltham realtor can lend a much-needed helping hand. Professionals such as Hans have extensive knowledge and experience when it comes to navigating tricky market conditions.
Contact Hans for Your Waltham Real Estate Needs!
Whether you are contemplating buying a condo or house, Hans can offer you the right insight to help with your decision. From lifestyle to budget Hans will work alongside you to ensure your needs are met and you are happy with your new home. For more information on the houses and condos be sure to reach out to a professional Waltham realtor today! You can reach Hans by calling him at 781-891-9993 or by filling out a contact form on the website!