Is a condo the right home purchase for you?
Many condo buyers enjoy the benefits of homeownership without some of the responsibilities associated with owning a detached single-family residence. For example, you typically don't have to mow the yard if you live in a condo. You likely won't spend the weekend repainting the exterior trim, either. (But you probably will pay a condominium owners association a monthly fee to take care of those types of chores and ongoing maintenance). A condo may also provide amenities like a swimming pool, a fitness room, perhaps a clubhouse where you can host parties.
On the flip side, you do not have the same autonomy or privacy that you would experience in a detached home. You have little say-so in landscaping choices, will be living in close proximity to many neighbors, and that swimming pool and fitness room may get crowded with other residents. For many people, these considerations do not detract at all from the allure of owning and living in a condo.
If you do purchase a condo, you have the opportunity to take advantage of tax savings. You can deduct your mortgage interest and property taxes from your federal income tax, if you itemize. You also can benefit from appreciating property values, building up equity in your home as the years go by. If you think a condo may be the best choice for you, visit with a Texas REALTOR® to discuss your options and how such a purchase will mesh with your goals.
