I’ve been working with a client who seemed adamant about owning a single family residence. As we went through his selection criteria, he was a bit hung up on avoiding a condominium.
A lot of people do not want to consider the prospect of owning a condominium for a variety of reasons: HOA fees which can go up at the whim of the board, shared walls, no or little yard. But as I explained what HOA fees covered in many complexes and the overall affordability of condos, and with his admission that he didn’t really want a lawn to maintain, I could see his expression change as the light bulb over his head went on.
So now condominiums are very much on the list.
With today’s market, affordability and location have again risen in the ranks of home buying priorities. Owning the next McMansion isn’t (really) at the top of every buyer’s wish list these days.