If you’ve ever wanted to own your own home in the mountains, look no further than Mammoth Lakes, California.
Why should you want to own your own piece piece of Mammoth Lakes property? It’s a city of just over 8,000 people and is home to the world-renowned Mammoth Mountain Ski Area, which is one of the training sites for the U.S. Olympic team. As if that wasn’t enough, there are tons of rental properties and plenty of Mammoth Lakes realty companies who can find you the perfect piece of land.
Research from Niche.com indicates that Mammoth Lakes has excellent public schools, diversity and nightlife and is rated as being good for families. The median value of a home is almost $400,000 and the median rent is just a touch over $1,100. When it comes to renting vs. owning, many people opt for renting.
If you’re looking into getting a place in Mammoth Lakes, there are plenty of housing options and friendly Mammoth Lakes realty companies can help you find what you’re looking for. But when you’re looking for a place, you might be wondering, do I rent or own? Do I want a condo, a house or an apartment?
If you’re looking for a little bit of everything, a condo can be the perfect place, though there are pros and cons to owning a condo.
What’s a condo? A condominium or condo is essentially a cross between an apartment and a house and you can own it outright if you want to. A condo can be similar to an apartment in that you might share a wall or two, you’ll likely live in close proximity to someone else and you might even live above someone’s house if you’re in a high-rise building.
If you’re visiting a Mammoth Lakes realty company to discuss condo ownership, here are a few pros and cons to know:
- Pro: Buying a condo is cheaper than buying a house depending on the size. There are a lot of factors that are considering when figuring the cost of a home, but typically you’ll spend less on a condo than on a home. The average household size in Mammoth Lakes is 2.5 people.
- Con: The cost of condo ownership isn’t a walk in the park. With condos you’ll have association fees that vary in cost. These dues will get you access to great perks like a pool and a clubhouse. Also keep in mind to the properties around you. If everyone around you is selling, there may not be a lot to make your condo stand out.
- Pro: There’s no mowing to be done. If you’re not big into mowing the lawn, condo ownership can be great for that reason and because your condo association will take care of most maintenance needs.
- Con: The maintenance workload can pile up. If you condo complex is underfunded and doesn’t have a regular maintenance crew, the maintenance workload can climb. When you talk to a Mammoth Lakes realty companies about condo ownership, ask about maintenance and find about if the association running your potential condo complex is well-run or not.
- You don’t get to pick your neighbors. As with anything whether it’s your job or maybe a club you belong to, you’re not going to get along well with everyone. You might get someone who loves to crank music too loud or one with barking dogs. If you do run into any issues, it’s best to talk to your neighbors to avoid fights or ongoing issues.
Pro: You get a sense of community. Since condo owners tend to live in close proximity, there’s a chance to get to know them and maybe even make some new friends. Unlike a home, where you can drive into a garage and enter the house from the garage and never see your neighbors, with a condo you might run into neighbors at the pool, in the clubhouse and likely around the neighboring area if you’re out and about.
There are many pros and cons to owning a condo and before you go buying one, it’s best to check with a Mammoth Lakes realty company to figure out what the best option for you is and about different condos for sale Mammoth Lakes.