Columbus home buyers may automatically think of a single-family home when beginning their home search. But for those who want a low-maintenance lifestyle in proximity to amenities and major employers, condominiums have a lot offer – often at a lower purchase price than single-family homes in the same community.
According to Columbus REALTORS©, the median sales price of a Columbus condo was $210,000 as of October 2023. This is a 9.4% increase in price from the prior year. However, it’s still considerably lower than the median single-family home price of $305,000.
There is a big caveat to purchasing a condo, namely the association fees. When you buy a condo, you become a member of the association, with all owners sharing the expenses of maintaining the building and common areas. Monthly association fees can range from $250 to over $1,000, depending on the building and the amenities. In general, the more amenities a building has, the more expensive the association fees.
For some buyers, the trade-offs of avoiding lawn care, snow removal and ongoing maintenance tasks is well worth the monthly association fee. Add in perks like pools, gyms, recreation areas and heated garages, and you have a lot of lifestyle for the money.
But not all condo associations budget wisely for normal operating costs and repairs. Some associations are more livable than others when it comes to the rules of occupancy.
It is essential to review the rules, by-laws and financial statements of the condo association before a purchase. A home inspection of the unit itself should also be performed to ensure all fixtures and included appliances are in good working order. You’ll find more information about this in our free e-book, “How to Buy a Home like a Pro!” Download your copy from our website today, there is no cost and no obligation.
As Exclusive Buyer’s Brokers, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax
