The first-time home buyer of today is the envy of nearly any home owner alive.
Realistically, a buyer could be choosing between a premier, urban condominium in the city or a detached, single-family home built in a suburb during the 1970s or before. The two options could easily fall in the same price range.
The comforts and perks of a new condo include stainless steel appliances, hardwood floors, central air conditioning, and many other luxurious finishes. Stainless steel appliances are often included in the basic package of options developers allocate for each unit. By choosing stainless steel over ceramic or other materials, buyers essentially receive a free upgrade.
For the skeptic, trading in floor space in a home decision—for any reason—is still very counter-cultural. Nowhere is this more true than in Minnesota, where I am a lofts and condos realtor in Minneapolis. The Twin Cities region is well-known for urban sprawl! That means that high-density development has faced an uphill battle gaining acceptance here.
Yet the lifestyle IS catching on. I hope it continues to do so, so that developers can build even more.
Many candidates for condo life are innately drawn to the rewards of city life. Meanwhile, the newness of construction in a modern condo can further sway the debate. Consider that:
The character of an older home certainly has its charms. However, the expenses and upkeep can dispel it in a hurry. Just like people, heating systems, roofs, water heaters, and home exteriors all face the issue of life expectancy. In a brand new condo, most of these maintenance costs are delayed into the foreseeable future.
This is not to say that the long-term obligations are ignored. Far from it! They simply are handled very differently! Expenses for big-ticket items—roofs, exteriors, elevators—are, first of all, shared by a sizable pool of other owners. Second, they are anticipated by the collection of condominium’s home owner association dues. The dues work in effect as a mandatory savings plan.
Owners of detached homes are supposed to save for these items, too. Some home owners are very good at voluntarily setting aside funds for repairs, and this is the ideal! But for many people, doing so becomes an understandable struggle!
Smaller spaces are less expensive to heat and cool as a matter of physics. A smaller new home benefits doubly by the latest in energy technology. Savings from energy efficiency aid a household the entire it owns a house.
Andy Asbury is an article writer and Urban REALTOR® in the Twin Cities who can help find aMinneapolis condo perfect for you; please visit www.minnesotaloftsandcondos.com today! The Bridgewater in Minneapolis condos represent the benefits of new homes placed within exciting, riverfront settings.
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