City life is fantastic, even in small cities, there are endless things to see, do, and eat!
Unfortunately, any property with the land is way too expensive to be feasible- or so far away that driving into cities for work steals an hour or two from your day.
Condos offer the idea of buying property, with the dream of living in the city- but how can you tell if they’re for you?
Here are some things to consider if you think condo life might be for you!
What’s a Condo?
A lot of people picture a specific kind of building when they think about condos.
The thing is, almost any apartment-style building could be a condo building if tenants instead bought the units.
This means that anything from studio apartments to townhomes can be condos if they get purchased instead of rented.
The good news about this is that you can look for a property that matches what you’d like.
Whether you want a townhome so you can have a little land in your backyard, or you want a large three-bedroom condo in a skyscraper, you can find what you want.
What Can You Afford?
The fact that condos are so varied also applies to their prices. Consider your budget, and think about how much you’d really like to spend on a home.
Although buying can often be cheaper than renting- with condos that isn’t always the case.
Eventually, you won’t have to make a monthly payment anymore, and if that sounds worth it to you then a condo may be a good fit!
If you can’t afford the higher cost now, including the down payment, it’s probably not the best decision for you.
Is City Life Forever?
At this moment in time, you might want to settle into a life in the city. Everything about that sounds thrilling, from how you make your money to how you spend your weekends.
Are there any changes in your life that might interfere with this plan? If you know you’ll eventually want kids, buying a one-room condo isn’t a great idea.
Although you can always resell later, there’s no guarantee you’ll make your money back, and it’s better to have this condo in your plans for at least ten years, rather than lose money on a short term investment in it.
Condo renting versus owning really comes down to how long you want to live somewhere.
Would You Want Changes?
Consider how much you’d want to be able to change.
If you have a specific image in mind of your future home, would you be able to bend a condo into fitting that image for you? Are you flexible with what kind of home you live in?
A lot of condos have specific rules, like a homeowners association, which will tell you what you can put on your patio, or how you can decorate your door.
Are you comfortable confining to those, or would it feel too controlled for you?