Cincinnati is a condo lover’s dream city. You’ll find a large selection of Cincy condos for sale from the city center to the very edges and with every amenity you could want.
In general, if you own your unit, it is a condo. All other areas such as the exterior, lawn and parking area are owned by a homeowner’s association (HOA). HOA fees pay for exterior upkeep, lawn care, and other community features, such as pool or clubhouse.
Why Buy a Condo?
There are some very good reasons to buy a condo. You may have a community feature that adds to the lifestyle. These include clubhouses, tennis courts, fitness facilities and more. Often the community feature binds the community together, such as a community golf course. Sometimes the community feature is location. You might want to live in downtown Cincy and a condo may be your best bet for affordable property.
Financial and Tax Concerns
Generally, condos are less expensive than single family houses. You can build equity and take advantage of mortgage interest and property tax deductions on your income tax. Before you decide to buy a condo for these reasons, you need to discuss your plan with a qualified tax accountant.
Because an HOA handles all the exterior maintenance, you will have only to maintain your personal space. However, because an HOA handles all exterior maintenance, you will not be able to alter any outdoor space without permission by the HOA.
Loans and Reselling
Because of how loans are originated, you may not be able to finance a condo. If owner occupation falls below a certain percentage, you will not get an FHA loan. A good mortgage company will help you negotiate your financing. Reselling can also be trickier than reselling a home. However, in all real estate, location Is the key to reselling.
If you’d like to take a look at some Cincy condos, I would love to help you find exactly the condo you want with the amenities that will make your new condo a home.
I am originally from Sharonville, Oh (a suburb of Cincinnati) and I know the Cincinnati/northern Kentucky area. As an active resident, I can help you find just the right area, town, and property for you or help you to sell it. If you are interested in real estate for sale in around Cincinnati, Ohio or northern Kentucky, please contact Cincinnati Rock-n-Roll Realtor® Gary Rossignol at (513) 777-2402 or search for a home now.