With so many home options available, it can be hard to choose the right one. Often times overlooked are condos and townhomes. Condos in Portland or Vancouver are great for investors or even retirees, but why not a condo for a first-time home buyer or even a growing family? Condominiums and townhomes come with a lot advantages that make them the perfect home at any stage in life.
- HOA fees are an investment not a cost. The biggest concern expressed by most when considering a condo or townhome is the added Home Owner Association fees. These fees support the general upkeep and maintenance of the entire complex. In many cases, they cover regular exterior painting, landscaping, and upkeep of common amenities such as pools. In some situations, they also cover the repair and/or replacement of roofs, fencing, windows, and decking. What is covered by HOA fees is unique to each community so it important to know the details of an HOA agreement.
- Avoid outside yardwork. This is another huge advantage. Spending weekends with the kids at their baseball or soccer games is a snap since someone else is mowing the lawn. Taking a romantic trip to the wine country – done because the tree trimming is already complete. Add to this the savings of not buying a lawn mower, edger, fertilizer, new sprinkler heads or hiring a professional landscaper. That’s right, this work is covered by the HOA fees.
- It’s a nest egg for the future. Rent pays for a place to live but all profits go to the property owner. A condo is real estate that is owned and accrues equity plus grows in value if market conditions are right. Moreover, with a fixed-rate mortgage monthly payments don’t change making budgeting for the future a lot easier.
- Feel free to decorate. Condo owners are free to stylize their living space. Free to choose the carpet, the paint, the appliances, the kitchen backsplash, or even a gold-plated toilet. Occasionally, restrictions do apply to the choice of window coverings so it is best to check with the association.
- Avoid neighborhood eyesores. Buying a single-family home can be a crapshoot. Neighbors come and go. With a condo or townhouse neighbors won’t paint their homes purple with crimson trim. Nor will neighbors store the remnants of last weekend’s demolition derby in their driveway. Normally, condo and townhome complexes seek to provide a cohesive elegance to their communities.
- Pricing is more affordable. Generally, condo and townhome prices are lower than those of single-family homes making them a great option for the first-time home buyer or for families saving for their children’s future.
- The amenities would cost a premium to own. Pools, gyms, saunas, tennis courts, barbeques, and even playgrounds are some of the amenities offered by condo communities. Adding these amenities to a reasonably priced single-family home would make it unaffordable. Condo owners live with more luxuries since the amenities are shared and upkeep is covered by the HOA fees.
- Condos are available in all types of settings. While 91 percent of condos are located in metropolitan areas, some are near urban centers while others are located in the suburbs. No matter the preference, choices are available.
- Feel secure at home. Many condo communities are gated, while some hire security guards. Additionally, since these communities are oft times tight knit, neighbors will noticed any unexpected strangers.
If you’re looking for a home in Portland or choosing to invest in Vancouver real estate consider a condominium or a townhouse. The advantages are clear and the investment is sound.
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