Richmond Real Estate: Condo or house?
Buying real estate in Richmond, VA - or in any city for that matter - requires careful research, and one of the many decisions you may need to make is whether or not you should buy a home or a condo. Both options are available throughout the Richmond and its surrounding neighborhoods. Richmond, Virginia is a densely populated city with more than 1.2 million people calling the metro area home. Located on the James River, it also contains various neighborhoods that offer access to a range of waterfront activities.
If you are looking into Richmond real estate listings in the city and are deciding between a condo and a house, here are some advantages of each that you can consider.
Advantages of Buying a House in Richmond
- Houses offer more privacy because they are detached properties with space between them.
- Houses also give you more freedom to make changes as you see fit. In a condo, you may have to meet the homeowners association requirements.
- Houses tend to offer more square footage - not only do houses typically offer more interior space, they come with your own driveway/garage to park your car.
- When owning a home, your monthly mortgage payments will go towards building equity on your own home rather than to a landlord.
For those buying real estate in Richmond, VA might want to consider looking into an area called Byrd Park. You'll find beautiful, single-family homes in this area in the price range of $300,000 up to $400,000. The area is on the far west end of the city and dates to the early 20th century as well. You'll find 3 and 4-bedroom homes here, including many that offer modern amenities and upgrades. You'll also find these are more spacious than your average condos.
Advantages of Buying a Condo in Richmond
- Richmond condos are often conveniently located within more urban areas. That means getting to your trendy coffee shop or favorite restaurant will take just a short walk down the street. The nightlife tends to be better in these areas, too.
- Condos tend to cost less than a house that is equivalent in size. However, this does depend on the features and amenities of each, not to mention which neighborhood the property is located in. Some studios in the heart of Richmond may end up costing you around the same amount as a house in the outskirts of the city.
- Condos come with amenities that you might not be able to afford otherwise (e.g. pool/spa, gym, tennis court, etc.)
- Your Home Owners Association will take care of the building's maintenance responsibilities, managing the common areas (e.g. landscape, pool, clubhouse, gym, etc.)
If you are interested in buying real estate in Richmond, VA, you might want to consider purchasing a condo in The Fan District. The Fan District, named for its shape, is a residential area containing early-20th century homes and townhomes. Condos here tend to offer 2 or 3-bedrooms, 2-bathrooms homes with luxury amenities, stainless steel appliances and spacious layouts. Many of these properties offer stunning Colonial and Revival architecture as well. You'll find several options in the $200,000 to $300,000 price range in Richmond real estate listings for condos in this area.
Check out the Richmond real estate listings that fit your needs and then invest in the aid of a Richmond real estate agent in the area to guide your decision.