Minneapolis Condos And Condo Living
Buying A Condo in Minneapolis
Minneapolis condo living appeals to a wide range of people, from first-time home buyers to older adults looking to downsize or move into the city.
If you’re considering such a move, you’ll hear warnings about having to pay monthly association fees and sacrificing some privacy because you need to get along with your neighbors. These things are true, but you might find that pros to condo life far outweigh the cons.
Reasons To Buy A Condo
Here are seven reasons you should consider buying a condo in the Minneapolis area:
- No grass to cut – This is a huge benefit of owning a condo. You don’t have to take care of the grounds because you pay maintenance fees to an association to do it for you. That means that instead of spending your Saturday afternoons pushing or riding a lawnmower, then trimming around the bushes and fence line, pulling weeds in landscaped areas and raking leaves in the fall and shoveling snow in winter, you can spend those hours doing, well, anything you enjoy!
- Cheaper than a house – Although obviously it depends on the size and type of condos and single-family homes you’re talking about, neighboring property values and the area’s cost of living, in general, buying a condo costs less. This is especially true in more expensive markets where condos are pretty much the only alternative to pricey single-family houses.
- Social life – To an extent, you can say this about any neighborhood, but it’s especially true with condo living: because of the close proximity with your neighbors, you have more opportunities to interact with them on a daily basis. This contrasts sharply with many suburban subdivisions, with their large yards. In today’s world, people who live in such neighborhoods often go their entire lives without ever meeting people who live on the same block, other than exchanging passing waves.
- Building equity – Some people might think living in a condo isn’t much different than renting an apartment. In both settings, you’re living in a unit that shares a larger structure with other units. But the key difference is you own a condo, so the money you pay each month to live there builds equity and wealth.
- Amenities on site – Many condo developments feature pools, fitness centers and community clubhouses right under the same roof. These are things that greatly enhance quality of life and are typically included in the association fees you pay each month. That means you won’t have to deal with the worst part of having a pool, maintaining it. The average homeowner wanting to access such amenities will pay more and may have to leave home to do so.
- Security – Many condo developments will have locked or gated entries, security guards or doormen. This is especially appealing if you feel more vulnerable because you live alone. You also are living close to other people so it’s easier to get help in case of an emergency.
- Urban living – Condos are often located in urban areas, in walking distance to restaurants, shops and entertainment options. The same typically can’t be said for many single-family home subdivisions.
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