Investing in a Small Condo? 5 Things to Consider
In a world that is focused on decluttering and minimalism, small homes are fast becoming the norm. However, going small is always a challenge when you talk about living spaces. So, if you have decided that you want to move out of your single-family home and live in a small condo unit instead, you have to be ready to face a big change. You can make the transition much easier, though, by knowing what factors to consider before you decide to invest in a condo unit.
Below is a list of the five major considerations you have to make before investing in a unit with King Blue Condos or other condo developments in your area.
Lifestyle Needs
If you have lived in a single-family dwelling for your entire life, moving into a small condo unit is a major lifestyle change (to say the least). Downsizing into a smaller living space requires a lot of changes that can transform your whole lifestyle. The size of the space is just one of many changes that you need to prepare for.
Most condo units are located at the heart of major cities. If you have lived in the suburbs or rural areas, it will be a big transition to live right at the doorstep of the city. Most condo units are located close to major establishments such as shopping malls, schools, hospitals, and office centers, among others. This move will impact your hobbies and the activities you can (and cannot) do because of the location.
Personal Belongings
When moving into a small condo unit, you need to consider your belongings. If you own a lot of furniture, appliances, and other items, you might have to get rid of some of them when you move into a small condo unit since they probably won’t fit into your new space. So, when planning your move, you’ll want to do a bit of decluttering so you can identify which items you want to keep and bring with you to the condo. Those that you no longer need or want can be sold or donated.
Storage is at a premium in a small living space such as a condo. Therefore, you need to be smart and practical about what items you bring to your condominium unit. You need to consider which items are absolutely necessary. If you do not need it in your condo, then you might as well get rid of it.
Size of Your Household
One of the most basic factors to consider before you commit to living in a small condo is the size of your household. If you are a single individual, living in the city in a condo unit is no big deal. In some cases, living in a condo unit as a couple could work as well. However, if you have a partner along with a kid or two, you might have to think twice if a condo unit would suit you.
Most condo units are designed for a small household. Bigger condos with three or more bedrooms are available, but they’re a bit on the pricier side so you have to think about whether or not they can fit in your budget. Needless to say, there are fewer considerations to make when moving into a small condo if you live by yourself versus if you are moving as a family.
Financial Outlook
If you live in a condo unit, you’ll face different maintenance costs and challenges than those who are living in a single-family home. So, if you choose to move to a condo, you need to consider how it will affect your financial goals. For many homeowners, living in a single-family dwelling means that they need to deal with the cost of maintaining their roofing, plumbing, landscaping, and more. With this in mind, it’s easy to see that downsizing is a practical decision if you are looking to make your dollars go further.
When you live in a condo unit, you only have to pay for the HOA fees that will be used towards the maintenance of the condominium amenities. You no longer have to cover the total cost of maintenance all by yourself as it will be split among all condo owners in the building. On top of that, you’ll have access to modern amenities such as a fitness center or even a pool. You can use these facilities free of charge, which means that you won’t have to pay for gym memberships and other things and that you can enjoy more savings.
Future Needs
When you decide to move into a smaller condo unit, it is important to look at your future plans. How long do you intend to live in the condo? Are you starting a family soon? Will you be in it for the long haul? If you plan on living in a condo for a long period of time, you have to consider its proximity to your work of place and the type of neighborhood. Is this something that you are comfortable with?
As modern technology has transformed the real estate industry, it has enabled condo buyers to find a space that best fits into their lifestyle. It is also important to work with a trusted real estate agent who can help match your needs with the living space. Thanks to Precondo for consulting!
