Downsizing from a home to a condominium is a great option for homeowners who find themselves using less of their space, looking to save more of their money, or simply interested in a home that requires much less maintenance to take care of.
Significantly smaller than a typical home, a condo can be a townhouse, loft, or high rise, and often includes additional costs, like homeowner’s association fees and homeowner’s insurance.
To help you decide whether this choice is right for you, we’ve decided to share four of the major benefits of downsizing to a condo.
What is a Condo?
A condo, or condominium, is a privately owned unit within a community of other units. Like an apartment complex, a condo is part of a larger building. However, unlike an apartment, residents are the owners of their own unit, rather than merely renters.
What are the Benefits of Downsizing to a Condo?
- Pricing. Depending on your market, owning a condo can often be more cost-efficient than owning a home. It is said that in rural areas, single-family homes appreciate at a greater rate compared to a condo of the same size. However, in cities, condos rise in value quicker than single-family homes located further from the city center. It is important to keep location in mind when looking for the best pricing.
- Less Maintenance. Significantly smaller in size, condos require relatively less maintainance to take care of than a home. This gives residents more time to spend doing the things they enjoy.
- Onsite Amenities. Like an apartment complex, condos often have onsite amenities like pools, gyms, and community areas – to name a few. Residents pay HOA fees that cover costs like maintenance of these common areas, so they can enjoy these amenities without having to worry about upkeep.
- Sense of Community. Condos are set up like little neighborhoods. They often become close knit communities where everyone feels a sense of trust and belonging. This can be a relief for many who like their independence but also want to feel a sense of community.
Considering downsizing, but aren’t sure if a Condo is the right choice for you? Check out our upcoming blog on the benefits of downsizing to a townhome.