No home is a one-size-fits-all solution. Owners and renters have unique desires and needs based on their lifestyles and preferences. Some people enjoy apartment living. Families often seek single-family homes, and a rising number of couples, individuals, and smaller families are choosing to live in condominiums. Empty-nesters and those of the Baby Boom generation or earlier especially are finding the benefits of condo living more attractive as they decide to rid themselves of larger, detached homes that no longer fit their needs.
Single-Family Homes Better Suit Some Households
Growing families with small children may find that attached living does not provide the independent space and yard acreage that is often desirable when raising children. Similarly, opting for a low-maintenance, multi-family home may limit access to top schools, which traditionally service single-family communities. This also applies to households with four or more occupants or with multiple pets who need space for everyone to get a little peace and quiet. For single professionals, couples, and the rapidly-growing population of 55+ active-adults, condo life offers the ideal solution to living more by owning less.
Why Condo Life is More Attractive to Some
Many home shoppers, especially empty-nesters looking to downsize without sacrificing high-quality construction, designer finishes, and the opportunity to host guests are taking a serious look at condominium living.
Modern condos, generally located in upscale urban or suburban locations, provide a low-maintenance life, often without asking residents to sacrifice must-haves like private outdoor space, garages, and open-concept floorplans. As an added perk, condos frequently include on-site amenities such as work-out facilities, dog parks, or maintained community gardens for a turn-key approach to a simplified life. Indeed, many are small communities in themselves with easy access to transportation hubs, grocery delivery, and walkability to parks, dining, and shopping, keeping the world at residents’ fingertips.
Condos make extended getaways less stressful, as entrances are generally access-controlled and exterior maintenance is ordinarily included. These benefits reduce the barriers to lengthy travel, allowing residents to lock up, leave, and live.
Condominiums provide a varied approach to ownership vs single-family or townhomes, and there are some items specific to purchasing a condo that are helpful to explore before making a decision. One consideration is the HOA fees and what they include. While these fees are generally higher than what one would expect in a single-family home, it is important to understand what is included and to assess the long-term financial savings and the value that you place on the ease of these decisions and tasks being handled for you. Examples of items that may be included in condo HOA fees are: select utilities, building insurance, lawn care, pest control, amenities (such as a pool and/or gym), trash service, elevator monitoring, and maintenance and repairs to the outside of the building—items that make your life easier with one payment vs coordinating a multitude of services for yourself and paying for them individually.
Another item to consider before purchasing a condo is whether or not the community is age-restricted. Because of the growth in the population aged 55 and older, many condos legally restrict occupancy to this group. Living with others in a similar life-stage creates a more natural social network and certainly reduces the key contributor to noise—children. Asking about age requirements, visitation by children under 18, and four-legged friends of all ages are valuable elements to explore when considering making a condo your very own.
Downsize without Compromise
Condo life can mean being close to local highlights and not having to move away from the community where you are currently living or where your loved ones live. You never need to cut grass, clean out the gutters or lug a vacuum up and down the stairs, plus many condo communities specialize in developing programs and benefits that directly address the needs of their residents, whatever those needs may be. Now you can choose condo living to reduce the work, fuss, and expense of home ownership without compromising your lifestyle or tastes. Open the door to a whole new world with condominium living.
If you want to simplify your life financially, emotionally, and physically, Gatherings®, 55+ active-adult communities, invites you to take it easy without giving up must-haves. With a home that has fewer needs, you’ll have more time to pursue your wants. Learn more here.