It’s not at all a simple undertaking to buy a house in the Indianapolis real estate market. You have to decide first, when moving to that area, whether you want a free-standing house or a condo. Owning your own home gives you the benefit of also owning the surrounding property, but owning a condo also has advantages to keep in mind,
In the Indianapolis real estate market, city condominiums are usually larger than most condos in the suburbs. With an average from 1,200 to 2,000 square feet, these condo properties can compare in size to home ownership, amenities and number of rooms in the home. Many condos in the urban areas have an upper level view and gardens on the rooftop as part of a way to draw in prospective buyers.
One of the benefits of condo ownership in the Indianapolis real estate market is the sheer amount of new construction to select from. Many developers began new condominium projects in the latter part of 2006, when the economy of the Indianapolis area was enjoying growth and stability. Many of these projects are now holding on development of later phases while they attempt to sell the current units available. This can dramatically benefit the purchaser, both in negotiating the final price and in having a wide selection of condos to choose from.
Another benefit of new construction in the Indianapolis real estate market is the community’s concerted effort to maintain historic significance in new design. In this way, individual units in a recently built condominium community will not all look the same from the outside. The interior floorplans may be very similar, but attention to individuality in the exterior construction and finish materials make the complex feel ‘lived in’ and ‘homey’.
One of the considerations to condominium ownership is the absence of land ownership in the transaction. If you are a person who hates to cut the lawn, and would rather walk your dog than put it out in the yard, this is not necessarily a drawback. In addition, Indianapolis real estate property taxes for a home of comparable size will be much lower on a condo because the property value will not include the value of the land.
Most condominiums in the Indianapolis real estate area have condo association fees which cover the costs of all common area lawn maintenance and upkeep of a common clubhouse building and swimming pool as well as one of the utilities. The utility bill selection varies from association to association, but you can usually count on the condo association fees covering your monthly water or gas bill.
A possible disadvantage, in most markets, to condo ownership is on the resale value end, where most developments in other areas have rows of condos which appear to be identical, therefore when attempting to sell your unit, you would have to compete with however many other units exactly like yours are on the market, thereby driving down the selling price to compete. Fortunately, the Indianapolis real estate condominium market is unlike those in typical urban settings, for the reasons mentioned above, and are then more likely to hold their value and be easier to sell if the time comes.
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