Buying Condos and Lofts in Salt Lake City
Are you thinking about looking for condos and lofts for sale in Salt Lake City? Buying a condo can be just as good of an investment as buying a home. In fact, there are several reasons why a condo is actually a better investment, although there are a few downsides to purchasing one. If you are considering buying a condominium, it’s important to know how they differ from homes and other real estate. Is it worth purchasing a condo in Salt Lake City now, or is it better to go for a more traditional home?
The Pros of Buying a Condo
Some people see a condo as an apartment, but instead of paying rent, you are paying on a mortgage and actually own the property. Condominiums often come with a number of amenities that you also find in an apartment, but you have more freedom to change how the property looks. Here are some of the great benefits you get with a modern condo.
Cons of Buying a Condo
There are some downsides to purchasing a condo, however. These cons are things you usually do not find with a traditional house, so those who don’t know much about condos or are first-time condo buyers may be surprised to learn about them.
If these restrictions do not bother you at all, condos in Salt Lake City might be the perfect option for you!
cityhome Collective
Call: 801-718-5555
645 E. South Temple
Salt Lake City, UT 84102
The Pros of Buying a Condo
Some people see a condo as an apartment, but instead of paying rent, you are paying on a mortgage and actually own the property. Condominiums often come with a number of amenities that you also find in an apartment, but you have more freedom to change how the property looks. Here are some of the great benefits you get with a modern condo.
- A pool – many condominium complexes include a pool that residents can use at their leisure.
- Security. Often, condos have a security fence around the perimeter and a gated entry. Sometimes the gate requires a password or key card, while other times there’s an actual security guard stationed at the gate 24/7.
- Some condo complexes have a fitness center on-site.
- Some also feature a community area where residents gather for games and other social events.
- The complex often handles all exterior maintenance and lawn work.
- Professionals are on hand to assist with any maintenance issues so you do not have to worry about fixing things yourself or hiring an expensive contractor.
- You have close neighbors. This can provide peace of mind if you live alone or in poor health.
- Condos are often actually cheaper to buy than single-family houses.
Cons of Buying a Condo
There are some downsides to purchasing a condo, however. These cons are things you usually do not find with a traditional house, so those who don’t know much about condos or are first-time condo buyers may be surprised to learn about them.
- You have to pay a monthly fee to the Homeowners Association. The pool, security guard, community space, fitness center, and maintenance are not free. To pay for these extras, condo owners have to pay a fee to the complex - this fee is in addition to the monthly mortgage payment. It varies from complex to complex and depends on the number of amenities in place, but it’s not unheard of for it to be between $300 and $500 a month.
- It’s like an apartment complex - you have neighbors on either side, and you do share some walls. This means you may hear things you wish you didn’t. If your neighbors are out late, you may hear them coming home at all hours of the night.
- Homeowners Association fees are not always set in stone. They can increase over time, especially if a number of condos are empty or other owners are delinquent in paying their dues. The lack of funds has to be made up somewhere.
- If you decide you want to sell your condo, you may have more trouble selling it than you would selling a home. People who are looking to get out of their apartments do not want to move into a condo, while others are looking for a home that looks unique or has land with it.
- There are more rules involved in owning a condo. You may not be able to make major changes to the exterior, for example. Many require you to get approval from the condo association before making any sort of major change.
If these restrictions do not bother you at all, condos in Salt Lake City might be the perfect option for you!
cityhome Collective
Call: 801-718-5555
645 E. South Temple
Salt Lake City, UT 84102