Three Reasons to Consider Buying a Condo
The housing market in Southwest Florida is as hot as ever and considering the fact that the state’s single-family home inventories are lower than inventory levels for condos and townhomes, if you’re in the market to buy, a condo might be something to consider.
Below are three reasons you should consider a condo / townhouse instead of a single-family home.
The HOA will take care of a lot
Yes, while most people will agree that homeowners’ associations can be a bit of a pain in the you-know-where, they do have their fair share of benefits. Does the exterior of the building need a fresh coat of paint? How about the roof- does that need to be replaced in the next year or two?
Are you someone who isn’t a huge fan of lawn upkeep?
When you buy a condo, the HOA will take care of all of that.
It’s cheaper to buy a condo than it is to buy a house
As we just mentioned, the single-family home inventory in Florida is low. July data from Florida Realtors found there were just 3.9 months’ supply, whereas the statewide inventory for condos / townhouses was clocked at 5.3 months’ supply.
If you’re looking to buy, the cost of a condo versus a home will be cheaper. Granted, things like overall square footage and the neighborhood you choose to buy in will all play a role in the listing price, but the cost to buy a single-family home will still be more.
Condos have a built-in sense of community
If you buy a home at the end of a cul-de-sac, you may or may not interact with your neighbors. If you buy a condo, your neighbors may be a bit more social.
“When I moved to Florida I came down here on my own, all of my family still lives out of state,” said Maggie S., who recently bought a condo in Naples, Florida. “The people in my building have been wonderful and it’s been great getting to know my neighbors. Everyone is friendly, and they’ve all been incredibly helpful in helping me get my bearings.”
If you’re in the market to buy and you’re still weighing your options, you may want to check out the condo / townhouse market.
Happy house hunting!