Many investors are debating between buying a house or a condo. While both provide the option of becoming a homeowner and building equity, there are various reasons for purchasing a condo over an individual home. Suppose you are located in Arizona and looking to settle there. In that case, you can check out the beautiful Goodyear condos for sale. The median listing price of one in Goodyear is $426,000.
Nearly everything is different between a house and a condo. Houses are called single-family homes and come in various shapes and sizes. Since the condos are just one unit in a cluster, it is possible that in terms of design, the condos look similar to each other, and the owner will have neighbors above or below them.
What to Consider?
Before buying, there are a few things one should know and consider.
1. Cost
Investing in Goodyear condos for sale is a budget-friendly option, and the market is up by 16.7% in 2022. There were 651 condominiums sold in Goodyear in June 2022, which shows the popularity of low-cost homes.
2. Insurance
Although the cost of purchasing a condo is less, the insurance for a single-family home is dramatically less than for a condo. This is because homeowners are only responsible for the living space. The HOA is responsible for the condominium and all the external elements like plumbing and roofing. In comparison, a homeowner needs to ensure their entire structure and additional buildings like a garage or tool shed are proper and well-maintained.
3. Maintenance
While the HOA is entirely responsible for all the external elements of a condo, like plumbing and sewage, a condo owner must take care of the interiors for pest control, electricity, and rusting.
4. Amenities
Getting access to amenities is easier when you own a condominium. The proprietor can enjoy the things built on the land and be part of a public community. Many amenities are available for the residents, like a gym, pool, and park. Even though some are paid facilities, they are comparatively cheaper for the residents. For instance, in Goodyear, the condominiums are located near golf courses and shopping places.
5. Location
A condo is always located in densely populated areas. This is why owners can easily access grocery marts, shopping malls, schools, and workplaces.
6. HOA Rules
When buying a condo, it is essential to follow the HOA rules. All condominium communities are governed by the HOA, which dictates all the rules for owning pets, parking, and subletting the units. Even though some single-family homes have HOA governing them, the laws are less restrictive. Therefore, homeowners have more liberty and autonomy.
7. Selling
It is easier to sell a single-family home. Selling a condo is difficult due to the several HOA rules governing them. However, if you own a condo and want to sell it, it is easy to sell in Goodyear because the median price per square foot is $206.
Conclusion
The condominiums are excellent for anyone considering buying and living with their family. A first-time buyer can remarkably transition from renting to living in one because it is a low-cost option. These are a fantastic choice for anyone looking for cheap housing and beautiful amenities.
