There are many advantages to owning a condo in St. Louis, however they aren’t for everyone. The decision to purchase a condo or a house really comes down to what your situation is, and what your lifestyle preferences are.
Everyone is different. You will discover that each type of housing, whether a condo or a house, is designed to meet the specific needs and preferences of the buyer.
A condo could be better for you– perhaps even better than a house
Most condos cost less than houses
And that usually means a home buyer will have a lower down payment and a lower monthly mortgage payment. As of January, 2018, the National Association of Realtors (NAR) reported that the median existing house price was $241,700 and the median existing condo price was $231,600. That’s only a $10,000 between the two, but the price gap will be much wider in many communities.
There are no repairs and upkeep to the exterior
This is one of the primary advantages of living in a condo. The average homeowner spends a lot of time doing home maintenance such as mowing their lawns, painting the house, trimming hedges, clearing rain gutters, pruning trees, raking leaves, and shoveling snow. The condo owners can spend that time leisurely hanging out at the pool, using their weekends to take trips, or merely unwinding at home.
The exterior of a condo is both owned and maintained by the homeowner’s association (HOA). The owner is responsible only for the interior. Everything outside the front door is not their responsibility. During certain seasons, that can free up a lot of time (and cash) for hobbies and leisure.
Location, location, location
Condos are typically located closer to amenities because they are smaller sized, and more densely packed. This is true of the St. Louis Metropolitan area. Condos are located through out the region, close to the numerous cultural activities, museums, shopping areas, entertainment venues and job opportunities that the region has to offer. Condo owners often have a much shorter commute than homeowners, who more normally reside in the suburbs.
The perks
Condo neighborhoods have many shared amenities including pools, gyms, tennis courts, and pet parks. Many homeowners have to travel to public facilities to get those same amenities. The condo owner has them without even leaving their neighborhood.
Community building opportunities
Communities of detached houses inherently create distance between neighbors. Condos are literally surrounded by other units, possibly even above or below your condo. There’s also the density aspect. Where there may be one house per acre in a detached home neighborhood, there can be 20 or 30 units per acre in a condominium neighborhood.
This produces a level of intimacy and community building that doesn’t exist in big detached home neighborhoods. And given that condos tend to bring in people of similar backgrounds and interests, there’s a higher possibility of social gatherings. The common amenities, such as the pool or gym, make social gatherings even more easier.
A house just might be better for you than a condo
Having some land
When you own a detached house that usually involves owning land. Condos do not have it. It’s one of the main advantages of owning a house. Yes, the home needs to be maintained. But you can have your own swimming pool in your backyard, plant a garden, or toss backyard parties. One of the biggest advantage of having a private, fenced-in backyard is to have a place where your kids can play securely.
Customizing is a plus
One of the inherent drawbacks of a condo is that they are all alike-you can do nothing to the exterior. Owing a house allows you to paint it or landscape it they way you want. You can put your own personality on a house. You can’t do that with a condo.
Space to expand
You have the ability to expand your house. As your household grows, you can take down walls, reconfigure the floor plan or add an addition. You can build a deck or patio in the backyard. You might even be able to build a guest house on the property. You can’t do any of that with a condo.
A house can meet the needs of your life
A condo Home Owners Association (HOA) controls a lot about what you can and can’t do in your own home. They can even control who you live with and what you do for a living.
Condos have specific limitations on occupancy-who and how many people can live in an unit. Extended family members and their children would have no problem living with you in your detached house for as long as they need. A condo HOA would probably have restrictions that would not allow that to happen.
If you want to operate a business out of your home, you are often allowed to out of a detached house. You would not be able to do it out of a condo.
A condo is usually harder to sell than a house
A condo can be hard to sell in a bad real estate market. That’s because a condo is an alternative house. They are typically bought when the real estate market is good. Detached homes that have their own lot are usually purchased no matter what shape the real estate market is in.
There’s also the uniqueness of houses. Each house is distinct in its own way because of how its owners have personalized it. Specific buyers are going to like specific houses. Condos on the other hand lack that individuality. They are so similar that one unit doesn’t always stick out from the rest and that is not appealing to many buyers. Plus, if there are many condo units for sale, it might take a long time to sell your unit, maybe up to a year or more. Many condos are turned into rental properties because of this.