Why is condo living preferable to buying a large home? Learn about the many benefits of living in a condo, whether as a single professional or with a family.
There are five million condo or co-op units in the United States. Half of which were built within the past 30 years. One-quarter of them are rented rather than owner-occupied.
While it's thought that the American dream means owning a large single-family house complete with a white picket fence, many individuals and families are realizing that there are tons of perks to condo living that houses just can't offer.
If you've been thinking of moving to a condo but still aren't sure, we can help you decide. Keep reading because we're sharing with you seven reasons why buying a condo rather than a house is the best decision.
1. Condo Living Means Saving Money
Buying a home isn't cheap. Especially in a large city.
Typically standalone properties are more expensive than condos. And that's certainly true for San Francisco.
In the second quarter of 2019, the median price for a single-family home in San Francisco was $1.7 million. Condo prices were only $1.3 million for the same quarter.
Condos Retain Their Value
And while you still have to pay HOA dues (Home Owners Association), maintenance is covered in those dues. That tends to translate into condo owners finding their housing budgets more predictable than those caring for and upgrading a single-family home.
If the roof collapses, it's everyone's responsibility to chip in for the repairs, not just you.
And since condos tend to be located in great areas with tons of shops and outdoor activities nearby, condos usually retain or increase their value over time. That makes buying a condo a smart investment.
2. Strengthening Social Connections
Another great feature of living in a condo is that it's much easier to meet and befriend your neighbors. A single-family dwelling, especially if you have a large piece of property can mean feeling isolated.
Neighborhoods with houses don't often throw events together. And if they do, it's usually only once or twice a year.
It's Easier to Meet Neighbors in a Condo Setting
Which means, unless a neighbor stops by with homemade cookies, which rarely happens anymore, you're much less likely to meet your neighbors.
When you live in a condo, you tend to run into one another much more often, especially since there are shared amenities such as a community garden or dog area that often bring neighbors together thanks to shared interests.
Condos also tend to throw events more often where you can meet and greet any neighbors you haven't yet met.
3. Amazing Amenities
Speaking of amenities, condos are known for having great amenities that every condo owner and their family can enjoy such as:
- Co-working space
- Private event space
- Terraces with spectacular views
- Fire pits
- Community gardens
Best of all, those amenities are all included so you're not paying out of pocket for them separately as you would have to do if you owned a house. And they're all located in your building so you don't have to travel to enjoy them.
4. Good Security
Whether you're single or you have a family, security should always be a factor when buying a home. If you own a house it's your responsibility to find ways to increase security in your home.
And that's not always easy or cheap. But when you live in a condo, access to the resident's units is restricted.
Condo Neighbors Help Keep Watch
It's also easier for neighbors to look out for one another since they're right down the hall. They know who is there, who's at work, and who is on vacation.
Cameras are also installed to help ward off would-be intruders and keep everyone safe.
5. Great Locations
Location is a huge priority for all homeowners. If you're a family with kids, being located near good schools is a priority. And most often condos are located right near those great schools.
But whether you're single or family-oriented, you also want the convenience of living in a great location such as your home being just minutes from downtown San Francisco. Having the ability to walk a short distance to shops, restaurants, and boutiques are extremely convenient.
Especially in a city where finding parking isn't always so easy.
Enjoy the Best of Both Worlds
Then again, it's also nice to live near the beach where you can easily enjoy everything that nature has to offer. You won't even have to join a gym.
If you're lucky, you can find a condo where you get to merge your love of city life and nature together.
6. A Low Maintenance Lifestyle
Owning a condo is similar to renting, especially when it comes to dealing with household activities such as maintenance, chores, and yard work. The average homeowner spends 90 minutes each day on such activities.
Meanwhile, renters and condo owners only spend an average of 67 minutes each day on similar household activities. That means that being a condo owner saves you 141 hours or nearly six days each year.
Most condos hire property management companies to oversee the shared upkeep and keep it looking amazing. That means you're not responsible for mowing the lawn, watering the flowers or repainting the building.
7. Home Owners Associations
A well-run HOA actually helps increase the value of your condo. The board sets rules and regulations that are specifically designed to protect the value of your property.
These rules and regulations are there to ensure no one group or person can negatively impact the market value of the homes in the neighborhood. If a group or individual does violate those rules, the HOA can impose consequences.
A Clean and Quiet Place to Live
That can include everything from quiet hours after 11 pm to not being able to paint your door neon green. The HOA also makes sure that all common areas are clean so everyone can enjoy them.
And if you want, you can join the HOA board so you can help set and maintain those rules so everyone has a safe, friendly, and quiet place to live.
Now Selling Condos
We hope we've convinced you that condo living has everything you're looking for in a new home. We think you'll love it here with its myriad amenities and great location.
We'd love to help you find the condo that best fits your needs. Click here to register for sales opportunities and exclusive details.