Where can I buy an affordable condo in Memphis? How to get started
By Jacob Wilt, Memphis Commercial Appeal
Buying a home can be a daunting task, particularly for first-time buyers. The additional costs and the required maintenance of a home can test anyone’s budget and patience, especially as prices continue to increase. For this reason, many potential buyers in Memphis are beginning to turn to condominiums as a more affordable yet commodious alternative to traditional single-family homes.
Why buy a condo?
The attractiveness of condominiums lies in their affordability and low-maintenance lifestyles. With a condo fee, all the associated costs of maintaining a building are covered by the management. This includes replacing a roof, painting the building, and repairing gutters. Despite condo insurance often being lower than for a single-family home, homeowners association (HOA) fees can sometimes balance that out—although it usually still works out cheaper overall.
Biggest differences between buying a condo or a house?
There are a few things to consider when investing in a condo compared to a traditional home. The process of acquiring a condo requires you to be aware of the specifics included in the package, such as parking availability and prime amenities. Additionally, the process of taking out loans for purchase involves you qualifying for the sum of the mortgage plus the condo fee.
Lower priced condos in Memphis?
According to our extensive research, the biggest variety of condos are located in Downtown Memphis. Although Midtown is likely to offer the most affordable options, Downtown’s residential wonders like the Lofts at South Bluffs and the Shrine are still considerably well priced. East Memphis also has reasonably priced options such as Perkins Gardens and the Terraces at Laurelwood.
What to watch out for?
While getting a realtor to guide you through the process is often the best idea, if not, there are certain things to consider when deciding to purchase a condo. One quick suggestion would be to ensure no upcoming special assessments are due. These are additional expenses that condo owners will be required to pay for large-scale repairs. Also, it’s best to dig into the maintenance protocol provided by the management since negligent or deferred maintenance could lead to dipping property values and potential future repair charges.
Purchasing a condo is a big decision and needs to be a calculated choice factoring in numerous aspects, from pricing to the potential for future costs. But with the right guidance and proper inspection, you could find your dream condo in Memphis that fits your lifestyle and budget.
Jacob Wilt is a reporter for The Commercial Appeal. You can reach him at jacob.wilt@commercialappeal.com.
