by: Steph Medeiros
Many people in today’s real estate market are searching for their next dream home. But not all of them are looking for houses in the suburbs. More and more people are finding themselves drawn to purchasing condos, rather than buying a house or renting an apartment. There are pros and cons to any type of property, but condominiums have certain appeal to a variety of buyers. If you are considering buying a condo, take a look at the top 5 reasons to do so.
A big selling point for condos is the amount of work and maintenance owners are spared by living in them. When you purchase a condo, you often give up a private yard, but this means no mowing the grass in the dead of summer, no pulling weeds, mulching or spending money on irrigation. You also won’t have to worry about keeping up the exterior of your condo’s building. Typically, a condo owner is only responsible for repairs and maintenance for the areas within his or her own walls. Lower-maintenance living is appealing to busy career-driven individuals who might not have time to keep up with a yard or other property care. It is also a great option for senior citizens, frequent travellers, or those with health issues.
2. An Investment – With Benefits
By buying a condo, many owners feel they are getting the best of both worlds – they own their own piece of real estate, which can be a great investment, and they get to take advantage of all the perks a condo has to offer. Location is also a factor. Many people who live in urban areas don’t want to feel restricted to apartment living only, so a condo is a fantastic option for those who want to invest in a home without moving beyond the city limits.
Owners are often drawn to the many amenities that their condo community offers. Similar to the amenities apartments have, condominium complexes often offer things like a pool, gym, tennis courts and more. Some newer communities even offer movie theaters and walking trails. The best part is, the property owner doesn’t have to maintain any of those facilities on their own. These amenities are generally paid for by the condo association, and each homeowner contributes by paying monthly or annual dues or fees.
4. More For Your Money
Generally, buying a condo is cheaper than buying a house. This isn’t always the case for every market, but in many areas the average cost per square foot of a condominium is significantly less than that of a single family home.
5. Community Spirit
If you’re the type of person who likes to be surrounded by a community, condo life might be perfect for you. Condo residents generally reside in their homes longer than those who rent apartments, which can allow for a great community spirit among residents. Some condo communities even organize social events, to help neighbors get acquainted. This is ideal for someone who is new in town or is busy with work and doesn’t get to go out and socialize much. Security can also factor in here, as many condo communities have an active community watch program. Some even have security systems installed in each unit, for extra peace of mind.
Every home owner is different, and a condo might not be for everyone. It’s important to be honest with yourself and weigh the benefits against any negatives when it comes to finding the right home for you.