Condos have been around for several decades. Although the concept is relatively new, condos are now considered stable and great housing investment. You should not that condos are available in a wide range of sizes and shapes. There are even luxury condos that cater for your weekend getaways. You should note that purchasing a condo is not every person. These are some of the reasons to consider it.
The truth is that purchasing a condo is less expensive as compared to buying a single-family home. That is because these real estate properties are cheaper to build. For instance, construction cost is shared among multiple units.You can find some houses with shared roofs and walls. There is also the advantage of economies of scale. Therefore, if you want to purchase a condo, you can get a lot of money by buying a condo over a single-family home.
Requires Minimal Maintenance
When you own a condo, an association or management company is tasked with overseeing the maintenance of the exterior of the building, common areas, and grounds. Ideally, you take charge of maintenance inside the unit. However, things such as plumbing and electrical are managed by the condo association. Moreover, the driveways, roofs, and decks are maintained by the condo association.
Some amenities are included with the condo. These include a tennis court, game room, gym, pool, and more. You should note that cost of maintaining and building the amenities is spread among condo owners. Therefore, the cost is lower as it is shared among the occupants.
When you purchase a condo, it means you accept community living. It is a perfect way of connecting with others. Closer proximity to the neighbors and commonality of the shared community makes it possible to connect with other people. That means you share your community with other people and attract other types of people. A perfect way of connecting is through organized events.
A Perfect Investment
The truth is that you must live somewhere, and owning a house can be the same cost as renting. In certain areas, renting rates are quite high, and it is better to own a home than paying rent every month.
There are different reasons a condo offers you adequate security. If you reside in close proximity with the neighbors, you will notice when something is not right. Also, with few entrances and exits, a condo is not a good target for burglars.