6 Benefits of Buying a Condo

benefits of buying a condo

Whether you are looking to purchase a single-family home or downsize, a condo could be the perfect housing choice for you. At Adirondack Premier Properties, we enjoy introducing buyers to this option of buying a condo.  Once they see a unit and investigate further, many homebuyers become excited about the many benefits of buying a condo.

A condo is a single-family residence that is generally part of a larger building. Essentially, it’s an apartment that you own.  You typically share walls with neighbors, and also have common areas to enjoy. While sharing walls might not seem that enjoyable to some homebuyers, there are some really good reasons to consider purchasing a condo.

6 Benefits of Buying a Condo

1. Flexible Living

Condos are the perfect option for the home buyer who is looking to downsize.  One of the biggest benefits of buying a condo is  avoiding maintenance of a larger single-family home. Generally, condos are a smaller space with less maintenance. This gives the condo owner more freedom to enjoy life without the worry of constantly working on a home.

2. Covered Maintenance

Generally, residents of condos are able to have their maintenance covered by the monthly HOA fees they pay. While some major home repairs or upgrades will fall outside of this, yard work, snow shoveling, minor home repairs and cleaning/ maintenance of common areas are taken care of for you. This makes it easy for you to only worry about maintaining your own space.

3. Sense of Community

One of the best benefits of buying a condo is the sense of community they can provide. Most buildings and complexes have communal places where residents can meet and get to know each other. At the Whiteface Club in Lake Placid residents who are part of the HOA have additional access to the beach, tennis courts and golf course.  This access provides additional activities for community members to participate in.

4. Proximity To Activities

Typically, most condo buildings and complexes are found in more desirable living areas.  This gives the property owner easy access to events, entertainment, or the nearby downtown area.  In Lake Placid, this holds true as a variety of condos can be found at the Whiteface Club or just off Mirror Lake Drive at the Harbor Units.

While the Whiteface Club is outside of town, it has its own little community including two restaurants, tennis courts, an 18-hole golf course, gardens and a beach on Lake Placid. The Harbor Units overlook Lake Placid and are just a half mile from Main Street in the village.  This provides easy access to restaurants, stores and entertainment happening year round.

Additionally, one of the typical benefits of buying a condo is great views.  In Lake Placid, you can’t go wrong on views at both the Whiteface Club and Harbor area condos.  Mountain or lake views are visible from most of the units!

 5. Great Amenities

Probably one of the best benefits of buying a condo is… the amenities! While these vary depending on the unit or area you are purchasing, it is always smart to find out what the HOA offers.

In Lake Placid, the Whiteface Club’s HOA gives membership to 5 guests to the Whiteface Club Golf Course, access to the tennis courts, and a private beach on Lake Placid. On the other hand, the Harbor Units HOA only offers access to Lake Placid, but it is closer to downtown.

As stated, this can vary from condo to condo.  Researching what is offered at the properties you are interested in could be the deciding factor on what one to go with.

6. More Affordable

Sometimes it really comes down to numbers when determining what property is going to be best for your situation. Generally, condos are more affordable than stand-alone homes in an area.

As an example, our office recently sold a standalone 4-bedroom house on the Whiteface Club Property for $2,295,000 compared to a 3-bedroom condo unit almost across the street and that was sold for $795,000 just a few months before. The variation of price can be the difference between being able to buy in an area vs. being priced out.

When considering a condo vs. a stand alone home, figuring out what you are looking for in a property is the best place to start.  The benefits of buying a condo are many and are hard to overlook. If you are looking for ease of living with covered maintenance and amenities at a great location, then a condo is exactly what you are looking for!

Life is busy enough without having to worry about maintaining your property.  Call one of our experienced agents today to get the ball rolling on your condo purchase.  Then get ready to explore and have fun while others take care of tasks around your property!

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