Is A Studio Condo Right For Me?

There are a wide variety of types of urban condominiums available. Some have multiple rooms and are bigger and more expensive than many single-family homes. Some are more modest, but still have multiple rooms and are suited for families or those who need their space. And then there are studio condos, in which just about everything is in one room (bathrooms tend to have walls around them for privacy, though).

But living in a studio condo is not for everyone. Is it for you? Following are five things to know and consider when it comes to deciding whether or not to live in a studio condo:

1. Price. You pay per square foot when it comes to buying a condo. Since studio condos are smaller than those with multiple rooms, you will pay less to live in one. That can be a positive for many reasons, including the fact it may allow you to buy in a part of town you otherwise could not afford. So if you have a relatively limited budget and location is your biggest consideration, a studio condo might make sense.

2. Space. But remember, you will have limited space in a studio condo. Some of your furniture might have to double as far as uses go. That ottoman, for example, may need to serve as the storage unit for your pillows and blankets. And you may find yourself sitting on your bed and watching TV, rather than sitting on a couch. On the other hand, you will learn to be more thoughtful about your purchases, since you will constantly have to ask yourself the question, Where is this going to go?

3. Lifestyle. Are you a young professional who spends a lot of time at work? Or an empty nester who is tired of cleaning rooms and keeping stuff that so often goes unused? Studios may be a good choice. On the other hand, if you have a ton of stuff that you cannot bear to part with, or you have kids or pets, you may want to think twice before going the studio route.

4. A second home. Maybe you live in one place, but you travel frequently to another on business or pleasure. In both cases, a studio condo as a second home could make sense. You will have a place to sleep that is all your own, but it probably is not anything that is too over the top of expensive. Best of all, when you leave, there is very little to worry about since your monthly association fee will take care of the vast majority of maintenance with which you otherwise would have to concern yourself.

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