At some point, you might feel obliged to buy your own house. When this time comes, you might be thinking about buying a single family home or a condominium. Buying a condo might a smart choice. Buy why? Condos are known to be cheaper than traditional housing units and also offer many conveniences aimed at making life better. That said, here is a rundown of features or reasons buying a condo is a sound investment decision.
The price or amounts your pay when buying a house is a major deciding factor when purchasing properties. In most cases, single-family homes tend to be larger and more expensive than condos. As much as this does not hold true for all markets, condos are predominantly cheaper than single family homes in the same neighborhood.
Presence of amenities is a major selling point for condo units. Condo developments give you access to certain amenities that are not practical for a single house owner. However, these facilities vary depending on developer or neighborhood. A Golf course, swimming pools, basketball courts, and fitness centers are just a few amenities you can have when living in a condo. Not just that, it is also cheaper to maintain them considering that a group of owners shares them.
Individual owners are not directly responsible for maintaining the building and amenities. Instead, the share the costs of maintaining these units. This is certainly convenient for most people as it gives you time for other pursuits. To others, like the seniors, living in a condo provides them with a much-deserved break from years of maintenance.
Condos can be a great investment especially in areas where real estate prices are expected to increase in future. Besides, they also give you the opportunity to build equity and even get some tax benefits over renting. One Yonge Condos in Toronto, for instance, are expected appreciate significantly in future. As such, in investing in such properties presents a real opportunity to expand your investment portfolio.
Condo living comes with a strong sense of community. This is especially true in facilities with planned social events that gives neighbors a chance to interact with each other. As much as on a fraction of the units might be in a rental program, the sense of community living is indeed higher than when you are renting an apartment why most tenants come and go regularly. As a tip, you can check ahead and find out how many units are occupied by the real owners.