Condos for Sale
At Hollerman Real Estate Group, we work primarily with first time homebuyers, and find that many of our clients like to include condos and townhomes in their searches. I believe this is an excellent starting point for first timers because you will get to enjoy the perks of homeownership, without having to endure some of the less enjoyable aspects. If you want to own a home, but dread the idea of shoveling snow during these extended Lexington winters, don’t have a ladder tall enough to reach the gutters, or if mowing the lawn really isn’t your thing, then a condo may be just the type of property you need! Lexington has some really wonderful condo and townhome communities spread out in every area of town, most of which are very reasonably priced.
In many cases, condo and townhome communities offer a wide range of amenities that you may not otherwise get in a single family home. Some of these perks may include a community pool, pet friendly parks, landscaping services, common area maintenance, mowing and snow removal, just to name a few. Each community is different, so this is something we can explore in advance of scheduling our tour. Also, keep in mind that many of these great perks come often come with a monthly cost to a homeowners association. The HOA will collect your dues on a monthly, quarterly or annual basis, and will also determine some ground rules for the common areas. I’ve found that, when done right, HOA’s can really help create a true sense of community. Suggest regular social events, like pool parties or group fitness, and watch how close you get with your other community owners!
Your First Rental Property
Several past clients who explored condos and townhomes in their search did so with the idea of keeping it as a rental whenever it was time for them to upgrade to a bigger place. While condos offer many great perks, abundant square footage is often not one of those perks. As your family-and paycheck- grows over time, it is natural to seek out more space and privacy. My advice on whether becoming a landlord makes sense will depend largely on your financial picture, as well as the rules of the HOA. In general, owning rental property long-term can be an excellent source of cash flow- but don’t try to do too much too fast. If and when the time comes that you need more space, don’t allow the condo to prevent you from getting the home of your dreams. If you need to equity that you’ve built up over the years spent in your condo to purchase a larger property, don’t let the condo hold you hostage. There will be plenty of other opportunities for you to become a landlord. On the other hand, if you do eventually allow tenets to rent your condo, you owe it to yourself to explore the best and worst case scenarios. Owning investment property can bring great financial reward over the long haul, but can also bring major headache from time to time. It’s not for the faint of heart.
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