Tips for Making the Switch to Condo Living

by Mike Flannagan 12/20/2020

Photo by Douglas Bagg on Unsplash

Whether you'd prefer the townhome look or a high-rise building, there's likely a condo available locally in the style you want.

What types of amenities would you like? A dog-friendly community (or not)? A pool? Your own gardens? One or more full baths? All of these can vary among condo properties. Some amenities may be worth having simply for their appeal to future buyers when the time comes to sell. 

Trade-Offs: Traditional Home Vs. Condo Living

First, here's what might take a little getting used to:

  • Limited privacy. With shared walkways, stairs and amenities, condo living means getting to know your neighbors. Shared walls and courtyards means noise can become a touchy issue. 
  • HOA rules. HOA rules can be restrictive, down to what's visible on your patio, limits on pets and your rights to rent out, or have more than a certain number of occupants in, your unit. Expect to register your car and even your bike. 
  • HOA fees. Monthly, each owner pays the community association to keep expenses covered. Occasionally, there might be a special assessment for emergency repairs or other unexpected needs. These costs may vary by condo size.

All owners contribute to the financial health of a condo community. So, a well-managed property, full of residents who pay their fees on time and care about their property values, is best. 

Is Condo Buying Right For You?

Condo living makes sense if you:

  • Prefer low-maintenance living. Have someone else handle the  landscaping, roofs and exteriors. By pooling their funds, condo owners receive cost-effective maintenance compared to homeowners who pay individually for exterior repairs and cleaning, snow and leaf removal and so on.
  • Embrace the minimalist approach. Expect limited storage space! If you've been meaning to de-clutter, moving to a condo will make it happen. 
  • Enjoy the presence of other people. Living near other people can be a plus, especially for singles and seniors. If you travel frequently, chances are good that you'll find a trusted buddy to watch your place or pet.
  • Seek an affordable path to ownership. Property taxes on condos, as well as condos themselves, tend to be relatively affordable. Well-maintained condos tend also to be easy to resell in our current market. 

Let your realtor tell you more about how condo living meets your personal needs and goals.

Looking for a New Condo You'll Love to Call Home?

Let us show you the best-managed condos right where you want to be. We're happy to brief you on the distinguishing features of local condo properties.

If you're ready to tour your next home, we're ready to help you find the one you'll love! 

About the Author
Author

Mike Flannagan

Mike Flannagan, Principal Broker @FlannaganAssociates. Mr. Flannagan began his real estate career in 1991, Mike’s educational and professional experiences have provided a strong foundation in his real estate career. Such a background has been exceptionally useful in understanding, managing, problem-solving, and ultimately closing complex transactions. These talents, however, do not preclude equal success in navigating more traditional transactions, where Mike’s naturally strong work-ethic and contagiously kind personality complete the full circle of his effectiveness as a true and pleasant partner in the purchase and sale of a full range of real estate assets. Mike is also a Master Real Estate Developer and has worked on various communities right here in Loudoun County. Additionally, he also build’s luxury custom homes through his entity Virginia One Development priced from $3-million and up. Mike has passed $1 Billion in total life time achievement in transactions.