I live in a condominium now and I am also the president of the homeowners association at that condominium complex. I have owned five different condos since 1992 and I am very aware of the good and the bad when it comes to condominium life.
That’s how it started, in the beginning, these buy condominium came down, found a property that they liked, and bought it. The supply of homes and condos in resort markets started to slowly disappear. The available inventory was quite high but prices did start to appreciate…4%-8% per year. As the market prices increased, developers started to see an opportunity to build new homes and condos.
At the same time, mortgage rates on 30 year mortgages were trending downward to historic lows. With investors eager to invest in real estate and “cheap” money available, the game was on. The obvious choice for most was to buy a second home or investment property in a nice resort area, maybe even a place they had vacationed at in the past. Many flocked to Florida, California, Las Vegas, and Arizona. Even if their investments did not earn a return, it surely wouldn’t lose any money and they would still have something that they could use.
It seems-around here at least-that the majority of buyers still prefer a single family house with a yard for the dog and the kids and even a white picket fence. Of course, standalone homes do cost more, so frequently-though not always-the condo buyer is looking at price. Many buy treasuresattampines eke out a down payment so they can squeak into the payment and get themselves a property. Of course, there is such a thing as a luxury condo market, but we can safely say most buy condominium are very concerned with price.
One thing I would caution against is to shop by price alone, there are a lot of inexpensive condos downtown and each come with their share of reasons why they are so inexpensive, reasons that may lead you to not wanting to live in a particular building. I think its best to start with your wish list and if you need to reprioritize it until you find a condo that meets this criteria and your budget.
However, if your floor will tone with the decor, resist the urge to throw a small area rug under the coffee table. An uninterrupted expanse of floor space will increase the feeling of roominess.
Just as easy as world travel has become, a world of possibilities exists for homebuyers today. There’s something out there that will appeal to each individual’s taste. Today’s homebuyers might even buy more than one home. They might have a cottage, winter get-a-way, or a villa in Europe, in addition to their main post.
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