For those who don't know, a condominium is like a hybrid between an apartment and a house.
Condos can be low-rise buildings, townhouses, freestanding houses, duplexes, triplexes or “mixed use” buildings, such as condos above offices or store fronts. They can be brand new, re-sell or conversions — that is, buildings that used to be apartments or factories turned into condos.
What makes condos different from freehold houses is that you own your unit but you also share ownership of the land, building and common areas. You share costs with fellow members of your condo association, and the board of directors or a property management company makes the big decisions.
Like a house, you buy a condo and own it outright. If you talk to friends or family members who live in condominiums, you'll quickly find out that many people love the condo life, while some people wish they bought a house instead.
So what are the pros and cons of condos? Here are a few reasons you may be drawn to one:
No yard to mow. This is a big appeal of owning a condo. There will be no mowing because you'll pay dues to a condominium association, which will take care of most of your maintenance needs. For many, it's a relief that you don't need to worry about landscaping, yard maintenance and physical labor activities like snow removal and roof repair. Paying the condo fee is welcome versus worrying about major maintenance.
It’s cheaper than buying a comparable house. Obviously, the cost of a condo versus a house depends on the size of the home, the property values of the neighborhood and the cost of living in the area. But typically, you'll spend less on a condo, especially in higher-cost markets where condos can be the only alternative to high-priced, single-family homes.
Many major costs are shared. By law, a portion of those condo fees goes into a reserve fund. When the property is well managed, this fund covers major repairs like replacing windows and roofing without additional costs to owners. Even when the reserve fund falls short, you’re not in it alone — a “special assessment” will be done and costs will be shared equally among owners.
Customization. Unlike renting, you’re free to paint the walls, put up pictures, and renovate.
There is a sense of community. Plenty of homeowners would say the same thing about their own neighborhood, but condo owners tend to live in much closer proximity than many suburban homeowners, who often have relatively big yards separating them. There are always social moments that occur throughout the day. Whether it be to take the trash out or pick up the mail, there are opportunities that one just doesn't get in a home.
Security. Marketers say condos offer greater security than a free hold home or renting. For one thing, people are more likely to take better care of property they own, and some buildings offer a secure entrance or a doorman. You might feel safer with neighbors on either side, and worry less if you frequently travel.
Amenities. Some condos offer benefits you won’t see in the average home or apartment building — like a gym, swimming pool, and central club house and party room.
Adapted from an article by Geoff Williams, September 11, 2014, 3 Reasons to Buy a Condo money.usnews.com)
So why all the talk about condominium living? Because Greg Rapp with Wallace Realty has a new condo listed for under $100,000! If all the reasons above sound appealing to you...give Greg a call at 704.213.6846 to see the two-story condominium at 817 Mitchell Avenue in Salisbury NC. This 2-bedroom condo has more of a townhouse look, with a beautiful box-bay window in the living room that is the focal point of the façade.
817 Mitchell Avenue
Salisbury NC 28144
$72,500
MLS#58319
Greg Rapp
Wallace Realty Co.
704 213 6846 Mobile
704 636 2021 Office
www.realestatesalisbury.net
