Blount, Knox, Loudon, & Sevier County Condos For Sale
A condominium, which is like a hybrid between an apartment and a house, is property that you can purchase and own outright. A condo offers some similar aspects of apartment living. For instance, many condos are adjacent to others, so owners often share a wall. And if you live in a high-rise building, your condo may be located above or below someone else's home.
Toying with the idea of committing to a condo? Here are top benefits to factor into the decision-making process.
1. Less Maintenance
One of the biggest benefits of living in a condo is that other people do the maintenance for you. They cut the grass and maintain the grounds, they fix the roof and shovel snow, and you don’t have to worry about finding someone to replace the siding. If you’re a first-time homeowner, in poor health, busy with work, like to travel, or you just don’t want to deal with all those chores, this is a major benefit.
Condos can also be a good option if you want to age in place because you have close neighbors, experienced maintenance staff to take care of big repairs, and plenty of activities to keep you engaged with your community.
Many condos offer gated or locked entries, doorkeepers, or even security professionals for residents. If you live alone or security is a concern for you, this can be reassuring because it might reduce the risk of home break-ins. In addition, you live in close proximity to many other people, which means that in an emergency, you’ll have plenty of people to turn to for help.
Want a pool? A fitness center? Wednesday game nights at the community clubhouse? Many condo communities offer residents amenities that are out of reach for the average homeowner.
These amenities can also make it much easier to get to know your neighbors. If you live alone or love to socialize, this can be a great perk.
Condominiums are often priced lower than single-family homes. According to the National Association of REALTOR (NAR), in August 2018, the average selling price for a single-family home hovered around $260,000. Condos typically have a lower average selling price – around $248,200, according to the NAR. Depending on the region and the community, the asking price can be dramatically lower than a single-family home. So, if you want to dive into homeownership on you’re on a tighter budget, a condo can be a great first step.
In years past, condos typically appreciated at a slower rate than single-family homes because single-family homes are more appealing to more people. More importantly, you get land when you buy a home, and land is a huge factor in appreciation.
However, this is changing. Citing research conducted by Trulia, The Washington Postreports that the market value for condos rose by 38.4% between 2012 and 2017, while the value of single-family homes only rose by 27.9%.
6. Proximity to City Life
Many condos are located close to vibrant downtown areas, which is appealing for many reasons.
First, some people want to be able to walk, commute by bike, or take public transportation to their job because they’re sick of spending an hour a day or more sitting in rush hour traffic. Living close to your job can save you thousands of dollars each year in fuel and car maintenance costs.
Living near a thriving downtown also makes it easy to visit new restaurants, go shopping, and check out live shows. If you can walk or take public transit, you’ll likely find that you get more exercise because it’s easier to get out and about. Also, condos located in prime neighborhoods might increase in value faster than condos in the suburbs, which can make them a worthy investment.