There is certainly a discussion around the value of a condo, and if it makes sense to buy a house instead. In this post, I’ll share a few reasons why buying a condo on the Monterey Peninsula could be a great fit.
Condo’s are Low Maintenance
If you have a busy schedule, it can be stressful to maintain a yard of any size, but condo’s offer a comfortable space to live without the headache of having to maintain a property. What would you do with the extra time you’re not spending pulling weeds? If you’re looking for a vacation home, and you don’t want to worry about the property being maintained while you’re away, this is another great justification for buying a condo.
Condo’s are Great for Insurance
You may have noticed the rising insurance rates over the last few years on the Monterey Peninsula due to the fires. In Carmel Valley for example, many insurance companies decided against writing policies. Some homes are only insured by the California Fair Plan. Many HOA fee’s in condo developments include insurance for the structure!
Is the HOA Fee Worth It?
This is a common question that comes up when considering a condo purchase. It’s important to consider what the HOA provides – the Monterey Peninsula is not known for having low HOA fees, in fact there are some developments for seniors that have HOA fee’s in the $1,500/month range! Not all the HOA’s are like this, and some provide great value when you consider all that it covers.
We have a listing in the Golden Oaks community in Monterey near the Del Monte Shopping center. The grounds are beautiful, and when you consider the price point and the HOA, a good argument can be made that this is a deal in our market! The HOA in Golden Oaks covers garbage, insurance, gardening/landscaping the grounds, road maintenance, the roof, sewer, water, and the pool! A roof is a huge expense that the buyer of this condo will never have to incur, and most of the utilities are covered by the $499 monthly fee. To top it off, they get a beautiful pool and nice condo in a great development close to town. If you compare the $430,000 list price to single family starter homes on the Monterey Peninsula in the $600,000-$700,000+ range, you might want to consider a condo!