What’s better – buying a Reno Nevada condo or buying a single – family home? It’s not usually too hard to figure out for homeowners, but it gets a bit more complicated and is a tougher question for homeowners or investors to answer. The answer depends, of course, on your preferences and your business model and needs. Both condos and single-family homes have advantages and disadvantages. Either way, you go, it’s a big purchase you’re going to pay on for a long time, so you need to take the time to consider all aspects carefully before you buy a Reno Nevada condo. This also applies to any condo in the Reno Nevada area.
Pros and Cons of Buying A Condo in Reno Nevada
Pros of Buying a Condo in Reno Nevada
1. LOWER PRICE
Condos are generally sold at a lower price than single – family homes. And this makes a condo a good base for homeowners and investors alike.
Buying a condo in Reno Nevada can be a good move because of all the amenities available, which can make it very attractive to potential tenants.
Condo communities often offer entrances closed and locked, as well as doormen and professional safety. Another safety plus is other residents ‘ close proximity in the event of an emergency.
4. EASY MAINTENANCE
Easy maintenance is one of the biggest benefits of a condo, usually taken care of by people hired for those tasks. It can be very attractive to buy a condo in Reno Nevada not to have to mow the grass or repair the roof or fix the furnace.
Cons of Buying a Condo in Reno Nevada
1. LITTLE PRIVACY
Buying an apartment in Reno Nevada means little privacy for residents because it is basically your own apartment. So the only thing that separates you from your neighbors is a wall that is not very suitable for privacy and quietness.
2. HOA FEES
All those amenities and maintenance that are taken care of for you have to be paid for somehow, and that usually occurs through homeowners ‘ association fees (HOA). Buying a condo in Reno Nevada essentially means you’re becoming a community business partner. And that’s all about financial obligations.
Moreover, as a result of the recession, condos took a pretty hard hit. And this means that some people are struggling financially and on those HOA fees often become delinquent. The expenses do not always go away. So fees are increase, and you have to pay more for the people who do pay.
3. RESTRICTIVE RULES
Residents of the condo are bound by many rules and restrictions governing what is and is not permitted. For example, if you want to install a solar panel on your roof to save energy, the condo association would first have to give you permission. And there is no shortage of such rules and regulations, including those that tell you whether or not you can barbecue outside.
4. DIFFICULT TO SELL
For homeowners and investors interested in buying a condo in Reno Nevada, this one is a particular concern. Condos are more difficult to sell than single – family homes, especially if the building contains many empty units.
5. SLOW APPRECIATION
Usually, the rate of appreciation for condos is much lower than that for single – family homes, which is generally a major investment concern. Owning a condo means you have no land, which is the greatest driving appreciation factor.
As with any major purchase, buying a condo in Reno Nevada requires careful consideration of both pros and cons. It will help you make the right decision by carefully assessing your needs and desires and then weighing the pros and cons. Of course, a top-notch real estate agents in Reno Nevada can also be a great help.