Pros and Cons of Buying a Condo in Walnut Creek, CA

Are you thinking about buying a condo in Walnut Creek, California? If so, you’re not alone. The real estate market is very active right now, with a lot of demand from competing buyers. So you’ll want to have your financing squared away before you enter the market. Here are some other things to consider before buying a condo in Walnut Creek.

Buying a Walnut Creek Condo vs. Traditional Home

Have you weighed the pros and cons of buying a condo versus a detached home? That’s a good place to start. All property types have their advantages and disadvantages, and this goes for condominium units as well. So let’s look at the pros and cons of buying a condo in Walnut Creek, California.

Potential Advantages or Buying a Condo

• You might pay less. The cost of a condo versus a regular detached home will depend on the location, the size, and other factors. So it’s hard to compare the two across the board. Generally speaking, however, condos tend to cost less than detached homes. This makes them an attractive alternative to more-expensive homes in Walnut Creek.
• Less maintenance. Another benefit of buying a condo is the maintenance factor (or lack thereof). In a condominium project, most or all of the exterior maintenance is done by contractors and covered by association dues. So you probably won’t have to spend your weekends doing yardwork.
• Proximity to downtown. If you want to live in downtown Walnut Creek, buying a condo might be your best option. There are many condominium units available downtown. Many are located within walking distance of restaurants, shops, offices, etc. This is one of the main reasons people choose to buy city condos, as opposed to suburban homes. They want to be right in the “heart” of things.
• Amenities. Some condominium projects in Walnut Creek offer attractive amenities, such as fitness centers, gated parking, and nice views.

Possible Disadvantages of Condominium Life

• Association dues. This could be viewed as a pro and a con, depending on your perspective. When you buy a condo in Walnut Creek, you’ll probably have to pay association dues each month. This could add a few hundred dollars to your monthly housing outlay. The upside, as mentioned earlier, is that these dues could greatly reduce the property maintenance you have to do.
• Adjoined units. A detached home is — well, detached. It doesn’t share any common walls with a neighbor. But if you buy a Walnut Creek condo, you’ll likely share at least one wall. Some units have neighbors above, below and beside. This might not be an issue if you have quiet neighbors with similar work hours as yours. But if your neighbors are inconsiderate and/or active when you’re sleeping, it could become a quality-of-life issue. It’s something to consider, at the very least.
• Restrictions and rules. Traditional homeowners generally have a lot of flexibility when it comes to home improvements, add-ons, remodeling and the like. In contrast, Walnut Creek condo owners tend to encounter more restrictions on what they can, and can’t, do with the property. Some people might view this as a disadvantage to buying a condo.

Most of these pros and cons are subjective. For instance, some people would view the closeness of condo life as a plus, since it offers a sense of community. Others might find it oppressive. It’s a matter of perspective and preference.

Lifestyle plays a big role here as well. If you’re a busy person who abhors yardwork and prefers to live in the city center, buying a condo might be the best option. On the other hand, if you like a little “space” around you and don’t mind the extra maintenance, you’re probably better off buying a detached home in Walnut Creek. The idea is to choose a property type, and a location, that matches your lifestyle.

Get Pre-Approved for a Mortgage Loan

There’s a lot of housing demand in Walnut Creek right now, and a lot of competing buyers. This is especially true for popular condominium projects in desirable areas. As a home buyer, it would be wise to have your financing lined up before entering the market. This will make you more competitive, increasing your chance for success.

This is where mortgage pre-approval comes into the picture. If you’re planning to use a mortgage loan to buy a house or condo in Walnut Creek, it would be wise to get pre-approved. It’s called “pre” approval because it happens before you start house hunting. Pre-approval shows the seller that you’re a serious and financially qualified buyer. This is especially important in a competitive real estate market.

Need a loan? Bridgepoint Funding has been serving home buyers in the Walnut Creek area for many years. We’re located right here in town. We offer a full range of mortgage products and programs, including FHA, VA and conventional loans. Contact a member of our staff today with any questions you have, or use the rate-quote tool in the main menu above. We look forward to helping you!