Frequently asked questions about condos
Q: What is a condo?
A condo (or a condominium) is a real estate development divided into smaller units, which are then sold individually. Purchasing a condo unit grants you home ownership of that space. Residents of a condo, however, have to share certain spaces (common areas) such as the fitness facility and swimming pool, among other amenities.
Condos are a top real estate choice in Downtown Cleveland and surrounding areas. You can also find them in other places, especially markets with high property values and even vacation destinations. It’s an ideal housing option for home buyers who would like to own a home but are not financially prepared to purchase a single-family home.
Q: How does one look for a condo in Greater Cleveland?
It is always highly recommended to work with a real estate professional, regardless of the type of residential property you’re planning on buying. With her extensive knowledge in Greater Cleveland real estate, Cici is in the best position to assist you in searching for a Cleveland condo.
You can also begin your search by going online and logging on to real estate websites, where you can find listings for condos in your desired neighborhood or community.
Q: What are the benefits of buying a Cleveland condo?
Condos are popular housing options for a number of reasons. According to real estate experts, condos are considerably more affordable than apartments and single-family homes. This is due to the fact that condos, in contrast to its larger counterparts, appreciate at a slower pace. This makes condos a great alternative if you’re planning of investing in residential real estate in a market where prices are continually rising.
Another benefit of living in a Cleveland condo is access to a variety of amenities, which depends on the condo you choose. Some condos have luxurious features such as state-of-the-art gyms and spa, while others have simpler amenities. Some condo developments also offer regular maintenance, round-the-clock security, and other features you might not get to enjoy if you’re living in a single-family home.
Location-wise, condos are also a great option for home buyers looking to live a short distance away from work, schools, shopping, dining, and recreation. These factors make living in a condo an attractive lifestyle choice for a large market, which includes young professionals to seniors and retirees.
Q: What are the cons of living in a Cleveland condo?
Unlike in a single-family home, living in a condo requires you to share spaces with other residents. The size of the unit, as well as privacy, might become issues as well, especially if you’re looking for more living space or thinking of expanding
Living in a condo also requires a couple of payments. Aside from the monthly HOA fees and the initial purchase price, condo residents also need to pay for upkeep of the property and its shared amenities. Maintenance fees can already be included in the HOA fees, so it’s always advised to read the fine print.
Explore Cleveland condos for sale with Cici Riley. Browse the website for more information or get in touch at ciciriley(at)howardhanna(dotted)com or 216-410-3114.