Apr 28, 2016
Contemplating whether condominium living is the right choice for you? The popularity of condominiums continues to rise, as buyers are enjoying the benefits of home ownership with the access to on-site amenities and a low-maintenance lifestyle. However, if you’re thinking of transitioning from a single family home to a condominium, there might be a few challenges throughout the process. Condo living may not be for everyone, but if you think it’s for you, make sure to prepare yourself for some of the hurdles that could lie ahead.
The predominant hurdle for customers making the transition to condo living is realizing that they might be spending more on their new condo purchase than they received for their home. Often there is a small difference between what one will receive for their 4,000 square foot home in Ladue vs. a 2,200 square foot condo in Clayton. Many think by downsizing they will be saving money financially; and for those who intend on putting a large sum in the bank after this trade, that is rarely the case. Costs for a condo owner typically don’t stop at just the mortgage. Monthly condo fees mixed with property taxes and monthly payments can add up to a large percentage of your overall housing costs.
Another challenge for those moving into a condo is letting go of possessions that their new residence will just not accommodate. Large dining room furniture and pianos are two that come to mind when identifying items that will not make the trip. This is where a Professional Service Company, such as an estate appraiser/auctioneer or storage and moving company – can come in handy.
Finally, transitioning to a condo can have a major overall lifestyle change for many. Many intend to purchase a three-bedroom condominium that will accommodate house guests, friends, and family members. However, after evaluating the costs associated with purchasing a third bedroom, buyers find themselves settling with a two-bedroom unit. With little space to accommodate guests, visitors will tend to stay at nearby hotels during their visit. If you dislike the idea of having guests stay at a hotel, then consider condominiums with rentable “hotel rooms” in the building. Although they charge for the use of these rooms – it is often very reasonable.
Almost all who decide to transition to condo life are happy after the move is made. Many are relived to give up the yard work and general upkeep that comes along with owning a home and are excited to live the carefree and low-maintenance life of condo living.
Gladys Manion has been selling condos in Clayton and the Central West End since the early '80s, when development began in these areas. We have represented many of the original developers of condo projects throughout the early years in the Central Corridor.
Led by third-generation owner Stafford Manion, Gladys Manion, Inc. is a boutique agency specializing in luxury St. Louis real estate along the central corridor.