Over the past generation, condominium living has been catching on. As seniors traded in family homes for condos and as today’s baby boomers downsize to free up important time, condos are growing in popularity and prices continue to strengthen in many markets. Not all condos are the same even in similar markets so finding the best condo for your money is essential. Read on and we shall explore what makes the ideal condo for savvy buyers.
New Building – There is nothing wrong with a condo that is old, but a new condo will have no of the maintenance trouble that an old building will have. You will get the latest, state of the art industry safety requirements with your condo, new fixtures and appliances, and probably a new pool and/or tennis court. Older communities face greater maintenance costs which impact the next category:
Association Fees – Living in a historic building can be a fabulous way to experience history first hand. It can also be downright expensive! Replacing older windows, a boiler, fixing stairs, redoing the roof, repairing the façade, can and will add to your monthly association costs. Ask many New York City condo dwellers what they pay per month in maintenance fees and you will quickly see that this amount translates into what many pay per month for their apartment! With a newer facility, none of these issues surface. In fact, with new facilities you’ll have the lower payments and more up to date amenities.
Your Neighborhood – Unless your new condo is on a vacant city lot, chances are it was built upon previously uninhabited land. No issues of soil reclamation to worry about – oh, is that lead in the soil? – and no infrastructure that had to be built to conform to onerous city regulations. With a self contained community, your condo will be better able to express the designer’s attributes instead of conforming to overreaching neighborhood demands.
In some markets, condo prices are far lower than homes in part because of the saturation of available homes in the area. However, if you live in an area where the housing market is tight, you can expect to pay a premium for a new condo as well as to fetch a mint if you were to sell your condo. Thus, considering for the long term is imperative when selecting the right condo to buy no matter where you choose to live.
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