With condos currently making up 18% of the total residential property for sale in Philadelphia, it’s time we talked a little bit about them! In and around Philadelphia, condos can come in a variety of building sizes and offer a wide range of amenities. However, the benefits of living in a condo are all similar, like the average condo costs less than the average single-family home. In addition to affordability, we’ve put together our top 5 favorite things about condo living.
Easy Breezy Living
Say goodbye to your snow shovel and rock salt. With a condo, you don’t need to worry about any blizzard blowing your way, as condo building usually cover snow removal. It doesn’t stop there, lawn care, repairing the roof, replacing leaky windows? All may be managed by your condo association. Although condo fees can vary based on what they cover, they generally include maintenance of common areas and outdoor structures. Some may even include insurance!
Keeping Your Interests In Mind
With a built-in community, condo’s provide the kindest and neighborly of neighbors, especially if you are new to the area. Amenities that condo’s offer may help fast forward that connection. Want a gym at the ready? A pool to lounge by that feels like a private club? A playroom complete with a well-stocked plastic vegetable selection? All of these amenities provide a social scene to connect with new neighbors that you may eventually call friends.
Even with the public spaces condo’s provide, most have rules in place that keep noise to a minimum and curb appeal to the highest of standards. The condo lifestyle attracts folks like you, that want a lively but respectful place to call home.
The Ultimate Auto-pay
We have already mentioned the amenities and ease of living in a condo, and those do come at a cost. Many think of condo fees as a burden, but in reality, any space that you own has costs attached to upkeep. The difference is you pay a little each month instead of having to fork over a big chunk at a time when, say, you have to replace your roof. Think of your condo fees as a way to keep on track with your budget. Remember that gym? No need to pay an additional membership elsewhere. Often fees will include utilities and other common household expenses, you will never have to guess what those monthly expenses are and your bills will always be paid on time without any effort.
Convenience and Peace of Mind
Condo buildings can offer an extra layer of security, whether it’s a doorman, doorbell system, or simply an extra door between your residence and the city street. For those of you that are not home often, new to the city, or looking for extra security, a condo may give you that peace of mind.
Can’t resist an Amazon deal? You can rest assured that your packages will be safely signed for and delivered. If you’re in a condo layout that isn’t a traditional doorman building there is always a neighbor right nearby to keep an eye on things for you (not to mention a built-in cat sitter).
Making a condo your home is also a way to take advantage of some of the most popular neighborhoods in Philadelphia. Graduate Hospital, Washington Square West and the Art Museum often have higher price points when it comes to purchasing a single-family home. Condo living lets you be a neighborhood local while keeping your wallet happy.
Mortgage Talk
Your lender has your back. If you’re purchasing a condo with a mortgage, they check the condo association’s documents and financial records, looking for red flags that could create a situation that would cause the property to depreciate. In addition, the FHA just extended their guidelines to make it easier for buyers to use an FHA loan to purchase a condo!
Luckily, in Philadelphia, there are a range of condos to choose from. If you think condo living is right for you, or are curious to explore more, talk to your PHG agent about including them in your search. In fact, we have a few for sale right now (see below.) If you’re an investor and thinking of converting your investment into condos, we have some great resources for you as well.