1/24/2022 - Market Monday - Condo Prices in the New Orleans Metro Area
Updated: Mar 28, 2022
Investing in a Condo
Been thinking of diving into homeownership, but intimidated by the upkeep of a single-family detached home or townhome? Could it be as simple as price, and you're looking for something more affordable? Have you considered investing in a condo?
Condominiums are single units in multi-unit properties. Before purchasing a condo, potential buyers need to be sure the condo lifestyle is right for them. Condos can have the feel of an apartment, yet with the benefit of building equity. Often located in the middle of city centers, condos provide access to local shops and restaurants. Also, if the association allows, your condo could also be used as an investment property.
Condos have different amenities and potential buyers could shop for domiciles specific to their needs. These may be common spaces such as a gym, pool, or outdoor cooking area that will likely be maintained by association fees (which may be collected on a monthly basis). Condo owners must abide by the restrictions and covenants of these associations, or risk being fined or sued.
Cost of Single Family Detached Homes vs Condominiums
Condos can be much more affordable than other properties. If you compare the median sales prices of these two types of domiciles, you'll find that in 2021 condominiums averaged $47,375 less than single-family detached homes. That difference was $45,900 in 2020 and $28,000 in 2019. Nevermore than now can condo owners take advantage of the price gap between these two style homes.
If you'd like a FREE property analysis to see what your condo or home could be worth, contact Chuck Stall REALTOR® at 504-432-0263 or email chuck@gnorealty.com.