Is a Condo Right For You? – Buying Homes & Condos in ABQ, New Mexico
NM Homies Real Estate – Helping you buy and sell in ABQ, New Mexico
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As a first-time homebuyer, the options can be overwhelming and a detached single-family home is not made to fit everyone’s budget or lifestyle. Sometimes other options like condos or apartments are the best alternative.
What is a condominium?
A condo is a housing complex in which an individual owns each unit. Condos are appealing because they are typically located in desirable areas and qualify to be purchased through different loan types than single-family homes.
Benefits of purchasing a condo
- Money- Condos are generally less expensive than detached single-family homes.
- Low maintenance- Condos come with the aid of a repair man or maintenance team. Condos also come with certain fees with the Homeowner’s Association (HOA) where condo owners are responsible for paying monthly fees to their condo association for things like exterior maintenance and additional amenities. This can help with not having to worry about upkeeping the exterior of the home.
- Amenities- Condos have amenities such as pools, gyms, and recreational rooms.
How do condos help you build wealth?
Condos can also help you build equity and could also help you generate passive income if you decide to rent out your condo. When looking for a condo make sure that your specific condo guidelines permit the property to be used as a rental. Condominium laws vary by community, and some prohibit short-term rentals while others prohibit all renting.
If you are considering purchasing a condo but you are still unsure if it is the right move for your lifestyle, give us a call at 505-883-9400. Our team would love to help you!
🏠👏Thinking about selling or buying? Contact us at 505-883-9400!
505-514-3380
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