But, the city of Lexington is without a doubt a major urban community in Kentucky.
The city has established itself as a major center for business and commerce - a thriving, young culture has grown with it.
Lexington is now a dynamic community and a major city in the area. And just like any major city across the country, condos are the residence of choice in the urban core of the city.
The reasons are clear. The low-maintenance lifestyle is naturally attractive to many and numerous amenities are always close at hand. One step out your front door and you’re immediately at the center of it all!
If you’re looking to purchase a condominium in the city of Lexington, you’re in the right place. We’ve put this Lexington condo buyer’s guide for 2020 together just for you!
Simply put, a condo is a home where a portion of the property ownership is shared. Typically, the area within your home is owned by you, whereas common areas throughout the community or building are owned by everyone.
It’s this communal ownership that makes purchasing a condo somewhat more complicated than a regular residential real estate transaction in many ways. It’s why you always need to be careful when deciding if a specific development, or condo ownership in general, is really for you.
Different condo developments can have some pretty widely different rules (or covenants) and amenities. You’ll want to be sure that these are both rules that you can live with and that the available amenities match your lifestyle.
What Type of Condo Is For Me?
The definition of what constitutes a condo is a pretty vague one. The actual form a condo takes can vary from basically owning an apartment to something resembling a single-family home.
The main similar factor is the low-maintenance lifestyle they provide. Depending on the level of maintenance required and the amenities your condo provides, your monthly condo fees will vary.
This is important to consider, as your monthly mortgage payments will likely be lower with a condo, but you’ll also be required to pay condo fees monthly in most cases. Mortgage lenders will almost always take the condo fee amounts into account when deciding how much mortgage you can handle.
Now, the available amenities provided by your strata can vary significantly. Its important to know what those fees are going toward and whether or not it makes sense for you. Many condo developments feature things like underground parking, pools, fitness rooms and even dog parks.
Higher monthly fees are only worth it if you’ll be using the on-site amenities.
Downtown Lexington is naturally the epicenter for condos and lofts in the city. This is where you’ll find most of the newer luxury builds, as well as stunning historic buildings that have been beautifully repurposed. Units in these buildings can often offer modern materials and layout on the interior while maintaining the classic character of the exterior.
Further from the city center is where you’ll find larger, townhouse-style units. This style of property provides many of the conveniences of shared ownership while feeling more like a single-family home, with private entrances, patios and even small yard spaces.
As we mentioned previously, securing a mortgage for a condo differs a bit from a traditional, detached family home. The shared ownership of the common areas of the property do make purchase agreements a little more complex.
Not all condos are created equal - and how well managed a condo is can have an impact on final mortgage terms and rates.
It’ll help to ask yourself a few questions:
Which property management company is handling the property? Is the condo well run? Are complaints handled in a timely manner? Is there an adequate reserve fund? Is the property well maintained?
You’ll also want to know about any upcoming assessments. Assessments are used when large repairs are needed outside of the budget provided by the regular condo fees. These assessments come straight from the pockets of owners, and you probably don’t want to be stuck with one shortly after making a purchase.Purchasing a condo has a few more considerations than a regular home purchase, but if you do your homework, you’ll be fine.
Of course, we recommend engaging the services of a local real estate agent that specializes in condos. They’ll have insights into which developments are best and which are most likely to suit your lifestyle.
Are you interested in learning more about buying a condo in Lexington, KY? Please don't hesitate to contact Turf Town Properties Online or call (859) 268-4663 or (888) 268-4664 today!