When most people think of a condo, they picture a high-rise building with dozens of floors. While this may be the case in some larger cities, low-rise condos are becoming an increasingly popular housing option. Considering purchasing a condo but unsure which choice is right for you? Read on to learn about the benefits of living in and buying a low-rise condo.
The price per square footage is often lower in low-rise condo buildings than in high-rise buildings. While the total cost of a low-rise condo may be similar, buildings less than six stories generally don't require elevators or other large pieces of infrastructure, which can drive up the purchase price and monthly maintenance fees. Additionally, being on or near the ground floor makes it easier to move, which can be a significant advantage for those with larger pieces of furniture.
Those looking to downsize their living arrangement by buying a condo instead of a house will enjoy living in a low-rise condo because of the smaller unit sizes.
Another common challenge of high-rise condo living is the lack of privacy. With so many units in one building, it's easy for residents to feel like they're living too close together. Those who value privacy and lower noise levels will find that low-rise condos may be a better living option.
Low-rise buildings typically have fewer units, meaning residents will have fewer neighbors and enjoy more privacy inside and outside their homes. For example, those who enjoy spending time outdoors will appreciate having a backyard or patio area that isn't shared with other residents.
Low-rise condo communities are typically located further away from busy tourist areas, resulting in fewer crowds and people walking or driving past your home.
Finally, many buyers prefer the sense of community when living in a low-rise development. Getting to know your neighbors when you live in a high-rise condo building can be challenging because of the nature of city living. People come and go, which may make it challenging to establish long-lasting relationships. In contrast, those living in low-rise condo communities typically stay put for more extended periods, allowing residents to build genuine relationships with one another. If you're looking for a close-knit community where you can get to know your neighbors, a low-rise condo development may be the right choice.
Low-rise buildings tend to encourage a sense of community among residents. Whether through organized social events or bumping into each other in the halls, living in a low-rise condo makes you more likely to get to know your neighbors and develop relationships with them. Additionally, low-rise condo buildings often have a smaller staff, so you may get to know the people who work in your building, such as the security guard or concierge. This can create a more personal and welcoming environment.
While high-rise condos certainly have their perks, low-rise buildings offer several advantages that make them an appealing housing option. If you're considering buying a condo, weigh the benefits of low-rise options before making your final decision. From smaller footprints to increased privacy and a sense of community, there are many reasons to choose a low-rise condo.
However, low rise condos often come with issues, so you have to be very careful. Red flags when considering buying a condo include special assessments that the current owners are responsible for, a high percentage of owner-occupied units (vs. investor-owned units), and a lack of amenities. Special assessments are additional fees that all unit owners are responsible for and can be imposed by the condo association for things like major repairs or improvements. A high percentage of owner-occupied units indicates a healthy community where people are invested in their homes, while a high percentage of investor-owned units can make it difficult to get approvals for repairs or renovations. Finally, a lack of amenities can make it difficult to attract new buyers or renters to the community, which can eventually lead to declining property values. So when considering buying a low rise condo, be sure to keep an eye out for these red flags!