Young professionals and many baby-boomers are considering condos and townhomes. For young professionals condos are a way to enter the housing market and enjoy the special beat of urban living. For baby-boomers condos are appealing for those seeking to downsize and simplify their lives. Let’s look at the pros and cons of buying a condo.

Here are some of the pros:

  • Amenities: Most condos are in complexes which can include pools, clubhouses, exercise facilities, a concierge service and even door security. Most of these extras don’t cost extra!
  • Maintenance: If you are looking to escape yard work and snow shoveling then a condo may be for you. This is usually handled by your monthly dues. Bigger repairs such as a roof replacement are usually handled by the reserve funds of your condo association.
  • Cost: In many cases a condo in dream neighborhood will cost less than a single family detached house. If you are attracted to a special school for your children this may be a cost savings to consider.
  • Social Living: Meeting your neighbors in hallways or association meetings can potentially develop into friendships. Many condos have mixers and social gatherings on a regular basis.

Here are some cons:

  • Limited Space: Condos in many urban areas are getting smaller and smaller. You may wish to factor in the cost of a storage facility for some of your accumulated “stuff” until you decide what to do with it. Some condos only have garage parking if you’re willing to pay an addition fee.
  • Little Outdoor Space: Some condos have a deck or small patio but most lack yard space. This may be tough for those who love to grow flowers or veggies. Those with children and pets many find this limiting.
  • Resale: There are fewer buyers looking for condos. This is just a fact. A Buyer should always consider the resale possibilities of any property they purchase.
  • Monthly dues or fees: The initial price may be cheaper than a single family home but the fees and dues could price you out of the market. Remember, even after you’ve paid for your condo the fees and dues continue forever.

There is so much more to consider when buying a condo in Omaha. Please consult and expert before making a decision. I will be happy to provide you with information and advice. Give me a call at 402-967-4251 or email me at Marie.Otis@cbshome.com.