If you're trying to find a house to buy and keep getting outbid for properties you like, you might have started considering condos, especially detached, house-style luxury condos. They essentially look like houses (in some cases, you might find semi-detached duplexes or four-plexes instead) and often cost less than actual houses. And the condo association looks like it works like a homeowner's association, right? In many cases, these types of condos are very similar to houses, but there are also some differences that could make the condos a better buy.
The most obvious advantage of buying a condo is cost. Typically, condos are going to cost less than most houses, even houses in HOA-controlled areas. If you don't want to risk going outside your housing budget, the condo could be a great move. Plus, if you buy all the units in a semi-detached building, you can live in one and rent out the other spaces to help cover the cost of the purchase. Having an owner so close normally keeps renters happier and more likely to follow the rules.
Condo associations may be more likely to want all the units to look the same and to conform to a certain standard. While HOAs for houses usually have rules about this as well, there's often more leeway regarding things like solar panels on the roof or plants used in the front yard. So at first, it looks like buying a house would be better if customization is something you want to do.
At the same time, the more rigid rules do mean that people are less likely to really try to go out of bounds. You're likely to not see people trying to paint a condo unit bizarre colors, for example. There's something about being in a condo complex that promotes a consistent look. So if you want to avoid things like odd paint colors, go find a condo to buy.
Some house-based HOAs are built around features like golf courses, but condo complexes often have many more community features. Parks, playgrounds, pools, fitness facilities, and more, just like you'd find in an apartment complex, are common in condo complexes. If you want that extra community togetherness, a condo is an excellent choice.
Sit down with a real estate agent who specializes in condos and draw up a list of what you want in your home. The agent can then try to look for condos that fit the list.
Click the link for luxury condos for sale, or do an online search.