Condominiums for Sale and Other Top Questions About Home Ownership Answered

Are you ready to own your first home? Should you put condos or single-family homes at the top of your search list? If you're not sure which type of property is the right fit for your needs, take a look at common questions first-time buyers have about condominiums for sale, costs, and the road to homeownership.

What Is a Condo?

A condominium may seem like an apartment that happens to come with the added costs of mortgage interest and a down payment. But this type of property is more than just a smaller alternative to a single-family home.

Even though a condominium isn't traditionally a stand-alone structure, this type of property comes with the advantage of homeownership. Unlike rental apartments, condos are privately owned units located in a larger residential structure or building. This means one developer or company owns the larger building—but not the individual units.

Are All Condos Apartment-Style Units?

While many condos do have an apartment-like style or feel, it's possible to find a property that breaks this mold. Some condo communities may offer detached or townhouse-type layouts. Instead of a single building, the condo is part of another type of complex or community that someone else owns. But like a condo located inside of a building, you would own the individual unit.

Is a Condo More or Less Expensive Than Other Options?

There's no universal answer to this question. The cost of a condominium depends on several factors. These include the local real estate market, the overall economy, the size of the individual unit, and the type of condo (such as a luxury penthouse, basic condo, multi-floor apartment-style unit, or mid-sized home).

A condo may cost less to purchase than a single-family home in a similar area. But that doesn't mean the condominium's end price is cheaper. Before you invest in a condo, you need to learn more about the additional costs. These could include maintenance or homeowner's association fees.

Is a Condo Easier to Maintain than a Single-Family Home?

Condos are often lower maintenance options (in comparison to a detached single-family home). Unlike your own piece of property, you won't have to worry about or pay for gardening/landscaping or other exterior maintenance.

What Else Do Condos Have to Offer?

Along with the potential for lower costs, condos also come with other benefits for the homebuyer that a single-family dwelling doesn't have. These could include shared amenities—such as a pool, gym, or common recreation area.

For more information about condominiums for sale in your area, contact a local realtor.