Why More People Are Buying Condos in New Hampshire
When buying a home there are a lot of factors to consider, including location, price, and type of home. When it comes to first time home buyers, smaller families, or someone looking to downsize, condos and townhomes are a great option to consider.
Typically, a condominium is where several owners share ownership of a building or buildings in a development. Basically, everyone owns their respective units, but they also own an interest in the land that the building is on and the common areas of the complex. Common areas can include pools, recreation areas, game rooms, community rooms, elevators, stairwells, corridors, streets, surrounding land, and laundry rooms.
Condos can come in a variety of forms, including low-rise buildings, freestanding homes, duplexes, and townhouse communities. However, what makes a condo different from a single family home is that you own your own unit but you share the ownership of the land and common areas. There is also a board of directors or a property management company that makes a lot of the decisions when it comes to the appearance, maintenance, and overall big decisions.
Purchasing a condo comes with a many upsides that are very desirable to a lot of buyers, including:
Maintenance: A big draw to owning a condo is the freedom from the outside maintenance, such as shoveling snow, mowing the lawn, and repairs to outdoor structures. These services are covered by a monthly association fee. This is great for owners who enjoy a well landscaped place but may not have the time, desire or ability to tackle big outdoor projects.
Amenities: Some condos offer benefits you wouldn’t find in an apartment or a single family home including a pool, gym, theatre room, and a community party room. And again these amenities require no maintenance by the owner of the condo.
Customization: Unlike when renting, condo owners can put their own personal stamp on their place. Painting the walls, renovations, and hanging pictures are all fair game when owning your own condo.
Shared Costs: Like we mentioned earlier when talking about the maintenance, condo fees are associated with owning a condo. While that may deter some potential buyers it definitely has its benefits. By law, a portion of those condo fees goes into a reserve fund. This reserve fund is put aside for major repairs like replacing the windows, painting the common areas, or repairing the roof with no additional cost to the owners. This means costs for big projects are shared amongst the residents of the community making the price point a little more manageable.
It’s important to consider all your homeownership options in this competitive market. Ask questions and weigh in all the factors before you limit what you’re willing to go and see with your real estate agent.
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