What do first-time homeowners think about when finding a place to buy and call home? Is it a house in a friendly neighbourhood, or a condominium with all the inclusions?
A house may have a yard where you tend a garden and play with a dog. There may be spacious living rooms, dining rooms and a kitchen to spend time with family. Upstairs, think several bedrooms where everyone can enjoy personal space and get restful sleep each night.
With a condominium, you can have your dream home in a towering building right in the centre of a bustling metropolis. With a swimming pool and state-of-the-art gym included and often a sprawling golf course nearby.
If you are ready to buy your first residential property, would you choose a condominium over a house? Here, we explore what a condominium is, what living in one is like, and why it’s a perfect choice for first-time homeowners.
What Is A Condominium?
A condominium, or condo, is a privately owned residence within a larger building or complex that has multiple units.
What is the difference between a condo and a single-family house? A single-family home is a singular residential structure, typically with its own outdoor area (a yard) and a garage or parking space.
Because a condominium is part of a much larger residential property, there are common areas and amenities that unit owners will share. This includes guest parking spaces, swimming pools and roof decks.
A condo is also different from a flat. While condos and flats are both residential units within a larger building, condos are individually owned whereas flats are often rented out to tenants.
First-time Homeowners And Living In A Condominium
1. You Live Literally Next Door To Your Neighbours
There will be several condo units located on each floor of a building. Therefore, each condo shares a wall with its neighbours on either side (or just on one side, if it’s a corner unit). It’s similar to a flat in this sense. As a first-time homeowner this makes being part of a neighborhood easy.
2. You Share Common Spaces And Amenities With Other Residents
Condominiums come with a variety of features that you and other residents can use. This usually means that you will be using a common parking garage or lot. You use the same lifts when going up and down the building.
When you go for a swim in the pool, other families and individuals may be doing the same. You could also head up to the roof deck to catch some fresh air or to read a book in the seating areas available to all condo residents. And if you need to work out or do a load of laundry, there is a gym and laundry area for everyone to use.
As a first-time homeowner these can be very attractive for both socialising and saving money on appliances.
3. You Pay Fees For Maintenance Of Common Areas And Other Services
Condo members aren’t tasked with taking care of the shared areas on their own. In place of that, they pay dues to a board in charge of maintenance and repair duties throughout the entire property. The amount will depend on the amenities and services covered.
Mostly, these include interior and exterior maintenance, utilities, security and even insurance. For first-time homeowners you have more free time with no gardening or maintenance.
4. You Follow House Rules
There are certain rules and regulations for all condo members and guests to abide by. For example, a schedule for using the pool and gym, or waste collection may take place only at specific times.
The condominium board will also have rules regarding visitors, loud noises and pet ownership.
Condominiums Are Perfect For First-time Homeowners
There are a number of reasons why a condo is a great home for someone looking to buy their first one. Listed below are our 8 top reasons to buy a condominium as a first-time homeowner.
Compared to a single-family home, condos are generally more affordable. This, in itself, makes them the perfect starter homes for younger property buyers or new families.
To better understand the financial feasibility of a property you’re interested in, calculate the monthly mortgage payment using an online calculator.
You can also read: Cash for homes
One of the more attractive features of most condominiums is that they are usually located in city centres. This means long commutes aren’t required to get to the workplace, banks and stores, schools and hospitals.
You’ll have everything you need within easy reach and, as a first-time homeowner, save money on travel and parking.
3. Interior Customisation
While you won’t be allowed to make structural changes to the exterior and common areas, you are free to customise your unit’s interiors. For example, have the kitchen and bathrooms renovated, or paint the walls in any colour you prefer.
Take note, of course, of any related regulations to ensure before you undertake any work.
4. Less Maintenance Work
If you buy a house, you need to keep the place in shape. You either do this yourself or call professionals who do repair and maintenance work for you. Living in a condominium, your paid dues will cover the cost of all this.
Cleaning, maintaining and repairing all shared spaces, landscaping the grounds and keeping all mechanisms in great working order. First-time homeowners will save time and increase the value of their investment with a well-maintained property.
5. Valuable Amenities
Living in a condo means that a gym, pool or both will be just a few steps away from your unit. There may be game rooms and playgrounds for children to access.
Laundry and storage facilities are also often available. Everything you need to get errands done and to relax is conveniently nearby.
Your condominium fees will cover the cost of guards patrolling the grounds and the installation of security cameras in key locations. Visitors may have to be buzzed in so they can enter the buildings.
First-time homeowners will have greater peace of mind knowing the residential property is well-protected.
7. Sense Of Community
You’ll stand to meet plenty of neighbours on your floor or in the same building. Especially if you find yourselves frequently heading out or using the same facilities at the same time.
Also, the property may organise events that can help bring the community together.
8. Luxurious Living
You can enjoy luxurious property features and design that can elevate your lifestyle. For example, a well-established residential property built by trusted developers. You will find many luxurious condominiums in Dubai and experience luxuries you won’t find in the average home.
Indeed, you may walk through an elegant lobby every day. The condo could be situated in the heart of a vibrant city, which means stunning views and easy access to malls, restaurants, offices and parks.
There may even be exceptional recreational spots nearby, such as golf courses, gardens, stables and skate parks.
Buy A Condominium As A First-time Homeowner
Condominiums are an excellent option for people looking to buy their first home. With great prices, enticing amenities, attractive locations, and more, a top-quality condo can provide the comfort, security, and peace of mind you seek.
First-time homeowners can truly enjoy living in a place like this.
We also posted an article that gives you tips on renting apartments with kids on this link.
Moving to a new home can get kids affected emotionally, check out our tips to help them ease the transition.