Condo Buying Guide: Who Buys Condos?
Anyone can live in a condominium, but this type of property ownership tends to be especially attractive to retirees, young professionals and young couples. (For more, see Determine What Kind of Home Suits Your Needs.)
Condos are very popular among retirees, including empty nesters who want to downsize from their previous homes. Many condominium communities provide residents with plenty of opportunities to socialize and be active, and some even offer services that cater specifically to retirees and seniors. Another perk: less maintenance – which means no lawn mowing, no leaf raking and no gutter cleaning. Since the HOA takes care of most of the maintenance (you’re still responsible for repairs and maintenance within your unit), you can enjoy more free time and the flexibility to travel without having to worry about the furnace going out. (For further reading, see When Should Retirees Downsize Their Homes?)
Likewise, anyone who travels a lot – regardless of age – can benefit from the maintenance-free lifestyle a condo affords. If you’ve ever left your home unattended for a week or more, you probably know it can be stressful thinking about potential maintenance disasters and even break-ins. As a frequent traveler, you might feel better about leaving your home knowing that neighbors are always present and the HOA will continue to take care of maintenance.
Young Professionals and Graduate Students
Young professionals and graduate students may be interested in condominiums that are located close to work or school – especially if it means they can walk or bike the commute. Many condos are close to urban conveniences (think: walk to your favorite coffee shop) and offer social opportunities and community amenities like swimming pools and fitness centers – all of which can be attractive to this market. Something else to think about: Condo ownership can be an affordable way to start building real estate equity.
Since condos are often cheaper than single-family homes, they make ideal starter homes for young couples. Like other condo owners, couples may find the social opportunities attractive and may enjoy the community facilities offered by the development. Young couples who are not planning or not yet ready to start a family may find the size and layout of a condo to be more practical than that of a house, and, of course, there’s less maintenance – so you’ll enjoy more free time.