Existing home sales rose nationally throughout 2013 – and included in those numbers were a good many condominiums. If 2014 will find you investigating the market for a new home, it may be time to give condo living a serious thought. Buying a condo in Portland can provide many of the benefits of home ownership minus much of the worry that goes with keeping your property. Of course, whether buying a condo is the right housing solution depends on the buyer as well as the particular condo itself – but there are some generalities usually hold true.
Most condominiums include a variety of amenities for the owners. There may be an on-site fitness center, or a pool. Owners may also have access to a club room, or even other features that some of the larger upscale developments offer, such as on-site shopping, hair salons and concierge services.
Whether you call it an ‘amenity’ or not, never having to shovel snow, mow the lawn or worry about property upkeep is certainly welcomed by many. If you are buying a condo in Portland, you’re usually buying everything from the drywall inwards – the rest is owned by the development.
Those amenities don’t come for free. Typically, you’ll be required to make payments to the Homeowner’s Association, or HOA. These fees can be tiny or considerable: ranging from a couple hundred dollars a year to as much as four figures a month. The variation in those numbers make it mandatory to include the HOA fees in your budget when you’re shopping for a condo. Your savings on home insurance and property taxes can be given back in HOA fees.
Many people are drawn to condo living principally because of the accompanying worry-free lifestyle. You get your own living space, are free to modify it, and are working towards owning it rather than just paying rent. However, this lifestyle isn’t right for everyone: you sacrifice a degree of privacy, and don’t have your own yard.
The luxury of condo living will only be enjoyed if you’re comfortable with the lifestyle that goes with buying a condo. The luxury of condo living will only be enjoyed if you’re comfortable with the lifestyle that goes with buying a condo. Then, if you do think you might be buying a condo in Portland this winter, call The Craig Reger Group at (503) 389-0686.