Pros and Cons of Buying A Condo in The Northwest Valley
Which is better – buying a condo in the Northwest Valley or buying a single-family home? This is usually a fairly easy decision for a homeowner but gets more complicated for investors. It really depends on your needs as well as your business model. So let’s explore the pros and cons of buying a condo in the Northwest Valley.
Pros of Buying a Condo in the Northwest Valley
1. LOWER PRICE
Typically, it’s more affordable to purchase a condo than a single-family home. This make condos a great place to start your homeowner journey or an investment property.
Condos tend have amenities available which can be attractive to tenants. This is one of the biggest pros of buying a condo in the Northwest Valley.
Many condo communities are gated or have security on site. The close proximity of other residents is an attractive feature as well.
4. EASY MAINTENANCE
Each condo community may differ in what maintenance is covered, but you typically don’t have to do a lot in a condo but get the benefit of a well-maintained community. Not having to worry about taking care of roof repairs or cleaning the pool can be very attractive for buying a condo in the Northwest Valley.
Cons of Buying a Condo in the Northwest Valley
1. LITTLE PRIVACY
Buying a condo in the Northwest Valley doesn’t afford the same level of privacy that you would with a single-family home. Many condos in the Northwest Valley are apartment style, so you are in very close proximity to your fellow neighbors. Condo’s can be noisier as well.
2. HOA FEES
All that convenience comes at a cost. You have to pay for it monthly with your HOA dues. When buying a condo in the Northwest Valley you essentially are becoming a business partner in the community and comes with financial obligations.
Another thing to keep in mind that is if people are struggling financially and become delinquent on those HOA fees, those fees will increase for those that do pay. Periodically, the HOA fees or dues may increase.
3. RESTRICTIVE RULES
One of the cons of buying a condo in the Northwest Valley is the rules and restriction that you must follow. Some rules may be allowable if approved by the board. Others may be set in stone and you’ll need to look at these rules before you buy.
4. DIFFICULT TO SELL
This is a big one if you are considering buying a condo in the Northwest Valley. Condos are harder to sell than single-family housing, especially if there are many empty units in the building. Condo communities often have restrictions on financing types as well and this may limit your buyer pool. If too many investors own in a particular community, your only option may be a cash purchase.
5. SLOW APPRECIATION
The appreciation rate for condos is usually much lower than that for single-family homes, generally a big concern for investors. Owning a condo means that you don’t own any land, which is the biggest factor in driving appreciation.
Buying a condo in the Northwest Valley, as with any major purchase, demands careful consideration of both pros and cons. Carefully assessing your needs and desires and then weighing the pros and cons will help you make the right decision. Of course, the expert advice of a top-notch real estate professional can be a big help as well.
Are you ready to buy a condo in Northwest Valley? We can help! Send us a message or give us a call today! (602) 806-8834
Find out more:
Get your Free Home Value Report
Find Northwest Valley Homes For Sale In Glendale, Arizona
See Northwest Valley Homes For Sale In Peoria, Arizona
Northwest Valley Homes For Sale In Phoenix, Arizona
About Our Company