For decades, Americans have worked hard to realize the dream of homeownership. As real estate prices continue to climb, however, that dream is becoming less and less accessible to the average person. Even if traditional single-family homes are priced out of your budget, that doesn’t mean that homeownership is impossible. Instead, you just need to change the way that you think about what qualifies as a home.
Owning a condo is a great alternative to owning a single-family property. For instance, if you are looking at property in Edina, Minnesota, you can find plenty of reasonably priced condos for sale that cost far less than individual homes.
If you aren’t familiar with how condos work, the concept is relatively simple. Much like apartments, condos are usually located in multiunit buildings. The condos often share walls with units that are located next to them.
Unlike an apartment, however, when you purchase a condo, you actually own it. That means that you don’t need to pay rent and you don’t have to worry about having a landlord breathing down your neck. You can make any changes to the interior of your property that you want without having to get approval.
Each month, you pay a condo association fee that covers the cost of exterior upkeep and maintenance. Typically, the condo association will take care of everything from maintaining the landscaping to keeping the building itself in great shape.
In essence, when you buy a condo, you get the best of both worlds. You own your own property and have a chance to build equity as its value increases over time. You also have the freedom to decorate or modify it however you see fit.
At the same time, however, you don’t have to worry about dealing with a massive mortgage like you would with a single-family home. You also don’t have to deal with doing yard work or maintaining the outside of your home.
Finding affordable condos in Edina, Minnesota is a lot easier than you might think. Take a minute to browse the local real estate listings to see just how many condos there are available. You may be surprised by how low the prices are when compared to single-family homes.
If you have never visited a condo in person, consider attending an open house or two. This will give you a chance to decide whether or not condo living is the right type of lifestyle for you.