Condos are a good option for homeowners who are also looking for amenities and a low-maintenance investment, but as Redfin's Arto Poladian points out, some condo owners worry about the resale value. Is selling a condo harder than a single-family home?
First, your condo is only as good as your Homeowners’ Association or HOA. HOAs typically charge each unit a monthly fee for being part of that association, which usually covers maintenance for the exterior and common areas, a master insurance policy for the building, landscaping, trash removal and any other building amenities. It may be harder to sell a condo in a building with a much higher HOA fee than similar buildings in the area. But while a low fee may seem like the best deal for buyers, it’s important that the HOA has enough funds to keep up with the property.
- In general, the pool of buyers for a condo is different that the pool of buyers looking for a single family home. Depending on where you live, the pool of interested buyers may be large or it may be quite limited. Having an understanding of the type of housing that is most popular in your neighborhood is a good start. Even in places where there are fewer buyers interested in condos, don’t fret. Condos continue to be an attractive option for many busy professionals, first-time buyers, investors, empty-nesters and down-sizers.