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If you are interested in Memphis condos like we are, you will want to read this article to see what we discovered. The three biggest things to keep in mind when you start your search are
(1) location,
(2) buying verses renting, and
(3) hidden costs.
When you are done with this article, you should feel much more comfortable about what to look for and what questions to ask in your quest for the perfect Memphis condo.
We’ve all heard the old saying that when it comes to real estate, the most import criteria is location, location, location. And that’s certainly true when looking at condos. While there are condos scattered throughout pretty much every part of the greater Memphis area, the biggest concentration is in Downtown and Midtown. In fact, Downtown Memphis has almost 50 condo developments alone, with a total of about 2,100 units either for sale or for rent. That is where you will find condos like the Lofts at the Ballpark and the Candy Factory.
A second major question to ask yourself is whether or not you should buy or rent. Given the current state of the economy and the real estate market, many would say that now is the perfect time to buy. Especially when you consider the historically low mortgage rates we’re seeing. On the other hand, there are many current condo owners who are stuck in a unit that is upside down in value and, therefore, are forced to rent out their unit rather than to sell right now. This may result in below market rent rates and could give you the opportunity to evaluate the unit and the area before you take the plunge by purchasing.
The other thing you need to look at before you buy a condo instead of a traditional house is the extra costs associated with condo ownership. The good news is that you are typically not responsible for the upkeep of the exterior of the development or the common areas (like landscaping and recreational facilities). The downside is that there is no such thing as a free lunch-someone has to pay to put that new roof on when it wears out! That comes in the form of condo association fees which, unlike other expenses related to home ownership, can potentially fluctuate greatly and are not under your direct control.
Memphis condominiums have something to offer just about anyone. But you have to be careful to consider location, buying vs. renting, and the extra costs before you take the big plunge into the condo lifestyle. Now that you know what to look for, you are ready to take the next step.
Looking for more great info about Memphis condos? Looking to buy or rent a condo, or you have a condo for sale or for rent? You’ve come to the right place! Find everything you need to know about Memphis condominiums in one place at All About…Condos. This is one of the best places to find FREE information about condos/town homes/lofts from real people just like you!
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