By Jordan FeRoss
When making the decision to purchase a home in the Indianapolis real estate market, one of the variables to consider is whether to purchase a free standing house or a condominium. While home ownership allows you the benefit of owning the surrounding property along with the building, there are advantages and to condo ownership which may be influential in the decision.
Condominiums in the Indianapolis real estate market are typically larger than most suburban condos. Averaging from 1200 to 2000 square feet, these condominium properties can be comparable to home ownership in size, number of rooms, and amenities. Many urban condos include a wonderful upper level view, and rooftop gardens as part of the draw to condo living.
One of the benefits of condo ownership in the Indianapolis real estate market is the sheer amount of new construction to select from. Many developers began new condominium projects in the latter part of 2006, when the economy of the Indianapolis area was enjoying growth and stability. Many of these projects are now holding on development of later phases while they attempt to sell the current units available. This can dramatically benefit the purchaser, both in negotiating the final price and in having a wide selection of condos to choose from.
Another benefit of new construction in the Indianapolis real estate market is the community’s concerted effort to maintain historic significance in new design. In this way, individual units in a recently built condominium community will not all look the same from the outside. The interior floorplans may be very similar, but attention to individuality in the exterior construction and finish materials make the complex feel ‘lived in’ and ‘homey’.
One of the considerations to condominium ownership is the absence of land ownership in the transaction. If you are a person who hates to cut the lawn, and would rather walk your dog than put it out in the yard, this is not necessarily a drawback. In addition, Indianapolis real estate property taxes for a home of comparable size will be much lower on a condo because the property value will not include the value of the land.
Most condominiums in the Indianapolis real estate area have condo association fees which cover the costs of all common area lawn maintenance and upkeep of a common clubhouse building and swimming pool as well as one of the utilities. The utility bill selection varies from association to association, but you can usually count on the condo association fees covering your monthly water or gas bill.
A possible disadvantage, in most markets, to condo ownership is on the resale value end, where most developments in other areas have rows of condos which appear to be identical, therefore when attempting to sell your unit, you would have to compete with however many other units exactly like yours are on the market, thereby driving down the selling price to compete. Fortunately, the Indianapolis real estate condominium market is unlike those in typical urban settings, for the reasons mentioned above, and are then more likely to hold their value and be easier to sell if the time comes.
About the Author: Indianapolis Real Estate is a great investment right now, but closings can be a horrible experience, as experienced investors know. If you’re looking for Indianapolis homes for sales, make sure you find the right realtor and mortgage broker to help you get to the closing table on time and without getting ripped off.
Source: isnare.com
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