Could Condo Living be right for you by Michael Kanehl
Pro's and Con's of condo living n Vero Beach, Florida
could condo living be right for you?
Now before I go into the pro's and cons - I'm fully aware that there are three types of people.
#1 - people that are sold on the condo idea
#2 - people that absolutely would never live in a condo
and #3 - meh - maybe - not sure - why not type
Today I'm not going to talk about #1 or #2 - I'm not here to convert someone - but let's talk to the folks that are not sure, and maybe we can shed some light or insight here.
So let's start with, what I would call the pronounced differences between living in a single family home and a condo or condominium to use the correct term.
Let's talk about the apparent differences, the ones that are easy to see, the ones I would call the external factors that may decide if a condo is the right choice for you.
So, to start, the way most condos are set up - you're going to live in an apartment style environment. You will share the so-called common ground area and any amenities that are being offered in the community with the other residents.
Those amenities can range from very basic to fully build recreational facilities - all depending on the community.
In contrast in a single residence, it's all yours, your backyard, your pool, etc. and while you may claim ownership of these things here - it also comes with responsibilities - it's now your yard work, your pool, your maintenance, etc.
On that note, all condominium communities will have ongoing maintenance or hoa ( homeowners association fee ) - The amount varies widely depending on the services and maintenance requirements - these are typically collected every month and the amount here in Vero ranges anywhere from $250' to $1500 usually. Rule of thumb - you pay more - get more :)
Initially, that looks like a big plus for the single family home, but keep in mind that you will have ongoing cost there as well - they're just not called hoa fees.
Here they're called - the cost for the landscaper, pool guy - reserves set aside for roof and ac replacements - I think a better term for condo fees is actually - let's call it a convenience fee. You don't' have to take care of anything outside your unit.
So with that out of the way, let's dig a bit deeper - comparing cost on a spreadsheet is, in my opinion, the wrong way to decide between a condo or a single home anyways.
The real deciding factor should be how you envision to live your life here - and your circumstances.
for example, here are some scenarios I see daily that may fit the condo lifestyle well
- you're downsizing - you've done the family raising part, kids are out of the house - the house has just become too big and the ongoing maintenance to support the size doesn't make any sense anymore - a condo could be a welcome reprieve so to speak and be a better fit going forward
- You're planning to move here - you know the area quite well, but you're still unsure about the exact location, a community where to settle down. I had quite a few clients that got their feet wet so to speak by getting a condo here first and live there for a couple of years and then made the final decision on location, community, and style.
If you compare apples to apples, location to location a condo will be less of a financial outlay than a single home.
Sure I can show you 1.5 to 2 million dollar condos - but that's still way less expensive than a single home in the same area.
Speaking about that - there's an enormous range of price points here - depending on location, size and community #realestate #podcast #verobeach #luxuryrealestateunder $100k to over four mill - so, take your pick.
Let's call this lifestyle choice.
Let's assume you finally moved from the cold climate and it's what I call me time. I met quite a few folks who moved here and used it as what I would home base to travel finally, visit the kids - do all the exploring stuff they always wanted to. Condo living is perfect for them - they lock the door and go - knowing that they don't have to worry about any potential issues.
Which brings me to scenario #4 that's almost identical - and that is you want a place here to come during the season aka winter time. Besides the fact that you know you have a place to go to - because of our popularity during the winter months seasonal rentals can be quite pricey - it makes financial sense to buy a condo even if you only use it part of the year.
And then there's one last scenario that I personally never would have thought of - but a had a couple of clients mentioning it. Not sure if I should share it -but here it goes - they preferred buying a condo because of the smaller size wouldn't allow their relatives to come down here and stay for free during the winter time - so there you have it - a hidden benefit lol