The Best Online Source for Premium Los Angeles Housing Services
If you looking to relocate to or from the Los Angeles area then consider reading our in depth information on local housing services who will make the selling or buying process easier for you.
What exactly is a Condo?
For some house buyers who have a particularly busy lifestyle, the thought of having to constantly maintain a house and yard creates a feeling of dread and anxiety. The positive news is there are a selection of different property types to choose from and some of them that involve much upkeep and can be available to purchase at a respectable price. One such property type is known as a condominium.
What is a condominium and how does it suit my lifestyle?
Condominiums, also known as "condos" are private housing units that belong to an individual and can be found in a complex of housing units. Condo owners share the common areas of the condo, including the garages, pools and elevators. You can also find condos that are detached in Los Angeles, despite the fact that many condos are located in high-rise buildings. It is the homeowners association that manages and maintains common areas, as well as any restrictions.
For first-time buyers in Los Angeles, the choice of property isn't purely determined by it's location or price . For first time buyers your initial property search is likely to include a wide range property types to help you determine which type is right for your lifestyle. There are four key property types which all have their own advantages and disadvantages depending on your type of lifestyle. For example a condo is best suited for first time buyers or people looking to downsize to smaller living space, the cost of living in a condo typically requires an initially sizeable down payment followed by recurring monthly mortgage payments and additional fees associated with homeowner association service fees such a maintenance and insurance. Condos are a great option for those who want to minimize home maintenance, such as first-time buyers, seniors, homeowners, and singles. Apartments and condos can be similar in the sense that they share many walls with their neighbors however the key distinction between the two is that you buy a condo while you only rent an apartment. For property owners who are cautious about their security as Condo buildings typically have a staff member stationed in the building's lobby 24/7.
The second type of property a first time buyer may consider is a traditional house. Houses are perfect as shared living spaces, for couples and people who are considering to start a family. Similar to a Condo a house requires an initially sizeable down payment followed by monthly mortgage payments which for most house owners in Los Angeles will take considerable time to pay off. House owners will also be required to pay for utility bills such as water and electricity which ultimately makes a house the most expensive form of living in space for property buyers. National statistics found that a single-family home sold for on average $58,000 more than that of a typical condo. Owning a home is significant investment which compared to the other property types will likely cost you more than you think as it comes with the responsibility of maintaining a repairing everything on your land. Most people refer to buying a home as a one-family house. This is an independent structure built on a solid foundation. You won't find it sharing walls with other structures like you would with condos, apartments, or townhomes. It may even come with lots of land. Privacy and freedom to decorate the house however you wish are two of the greatest advantages of purchasing a home.
The third property type is known as a townhouse and is typically far cheaper than a single family house to purchase and some do come equipped with yards and outdoor patio spaces. Town houses typically include have multiple floors of living space however the key difference it that a townhouse shares multiple walls with other properties meaning it isn't as private of a living space as family home. The key advantages of a townhouse is that you do get much more living space than you do with an apartment or condo and you normally get more control on making structural modifications to the property than condo owners.
Lastly there are apartments which housing units which are typically in large residential buildings that are rented out and not sold. Apartments are similar to Condos in that they do include shared tenant facilities such as a gym or a pool. For new property owners the key factor which will determine whether a Condo or an apartment is right for you is your financial situation or whether you are just planning to live in Los Angeles temporarily. Apartments do have the advantage of providing the renter that flexibility to move out whenever they want and not having to worry about maintenance costs. A disadvantage of living in an apartment is that you are required to abide by the rules set out by the landlord this include rules such as being allowed to own pets or smoke within the rental property. An apartment may be suitable for someone like a college graduate who has secured a job in a prime location in Los Angeles and the most cost effective way to live and work in this location would be to rent a nearby apartment which would be considerably more cost effective than a condo.Maybe one of most significant disadvantages of renting an apartment is that you don't gain any equity towards the residence like you do when living in other forms of property so isn't recommended as a long term way of living for some people who can afford other living options.
When you compare different property types, you need to consider not only your budget but also your needs and preferences as a renter or homeowner. The Hollywood Condos provides you with all the information you require to ensure you are equipped with the expertise to make important decisions regarding the buying or selling of a property.