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How to Buy a Cheap Condo

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Budget in annual condo association fees when deciding if purchasing a condo is right for you.

Buying a condo can be as affordable as a monthly house payment. Bankrate.com states that buying a condo is not recommended for first-time home buyers because of the tendency for condos to depreciate in value. This depreciation can mean great savings, and deals, for appropriate buyers. Does this Spark an idea?

  1. Watch the Market

    • The bust in the country housing market that began in 2006 and continued, with only slight improvement, meant that, as of 2010, it was an ideal time to buy a cheap condo. Look for advertisements in your area. Websites also list condos by popular locations, such as areas located in southern beach states or resort and ocean areas of the western states.

    Considerations

    • Because of the frequency with which condo complexes are built, there is never a short supply of condos. This means that most condos depreciate over time. They are not known for their investment returns but for the enjoyment they bring to owners and vacationers.

    Costs

    • Condos are known for having a low down payment and certain tax deductions specific to buying a condo. Condo association fees are a hidden cost to be considered in your overall purchasing decision. These fees rise each year, sometimes with dramatic increase, and you are contractually obligated to pay these fees as a condo owner.

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  • Photo Credit mini condo image by easaab from Fotolia.com

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