Owning a condo or a townhome may be a great option for you. There are pros and cons to owning a condo but at the end of the day, you want to make sure what you chose to buy is in alignment with your lifestyle.
Maintenance & Living Space
Pros: Condos and townhomes offer a less to no property maintenance option. If you have a busy life or you just don’t want to deal with cutting grass, then this might be a great option for you. Condos and townhomes are built with various square footage and layout options which provides buyers a variety of options. Some condos offer loft style open floor plan or a more traditional layout and even duplex/bi-level options. Some townhomes offer a ranch floor plan where everything is on one level, to bi-level and even tri-level options. Some townhomes offer attached or detached garages and can be located in communities that offer amenities like a club house, tennis court, swimming pool, etc.
Cons: Some townhomes have patio space or a small yard which the homeowner is responsible for. Some condos offer “green” space for lounging, BBQs, etc. Check the condo building’s amenities and the monthly assessment fees. If a building is advertising or mentioning a “coming soon” amenity such as a rooftop deck, etc. make sure to ask if the owners will be responsible for a special assessment to cover these costs. If there is going to be a special assessment, find out how much it is, the time frame (how many months) you’ll be responsible to pay this assessment, what happens if other tenants do not or cannot pay their portion of the special assessment if the difference is spread out amongst the other tenants, etc. Make sure you check for any rules and regulations that the townhome or condo may be subjected to.
Rental & Airbnb
Pros: Some condos and townhomes allow an owner to rent out their unit either immediately or within a year or two of living in the property. The demand for Airbnb units has made the short-term rental of a home profitable to some owners.
Cons: Make sure you clearly understand the rules and regulations of the condo or townhome’s management/association in-regards to renting out your unit or using it as an Airbnb. I always suggest having a real estate attorney review the rules and by-laws so that you’re completely clear on what you can or cannot do with your unit. The last thing you need is to get stuck with a huge fine for a violation.
My rule of thumb is to always know what you’re getting into BEFORE you purchase the property.
Written By: Shena Omotola, Dream Home Specialist & Broker Owner of Skyward Realty – Skyward Realty services Chicago, Suburbs, and Northwest Indiana
P.S. Feel free to email me any questions. I’m always here to help. Shena@SkywardRealty.com