8 Reasons to Buy a Condo

8 Reasons to Buy a Condo

If you’re considering buying a house, a condo can be a smarter choice. Most of the time, condos are cheaper than most single-family homes and they offer conveniences that are not available in regular homes. Here are eight reasons to buy a condo: 

Amenities 

Condo homeowners enjoy several amenities that are otherwise costly for regular houses.  These amenities include golf courses, swimming pools, gym, tennis courts, and clubhouses, even the natural sceneries-such as beachfront or lakefront- become more affordable as it is shared with other owners, rather than an individual paying for all of these. 

Community 

Living in condo provides a strong sense of community as the homeowners often set-up social events. This may not be true when many occupants are families as short-term renters who come and go on a regular basis. If you want to experience a close-knitted community, check first how many units are occupied by the owners and how many are for rent. 

Great location 

You can find condos in many strategic locations. Many condo buildings are located near work areas, while some are in vacation places. You can find condo units in high-end places, like a beachfront, which makes it a viable alternative to luxurious living at a fraction of the cost. A single-family home in the beachfront demands for millions of dollars while a condo unit in the same location could cost half of it. 

Equity and Taxes 

You could qualify for tax deductions if you will buy a condo. If your monthly mortgage payment would be the same as rent, owning a condo unit is a wiser decision. 

Investment   

Many buyers consider owning a condo as a form of investment in the hope that the price will appreciate over time. Condo units tend to appreciate more slowly compared to single-family homes. Because of this, condo units would often be rented out rather than waiting for the unit to go up in value. If the rental payment is higher than the monthly mortgage, the owner can still get a profit every month. 

Maintenance 

The biggest perk of owning a property is that you will not be responsible for the maintenance of the building. Since you are paying association dues every month, the management will take care of the maintenance and cleanliness of the building. 

Price 

In general, condos are less expensive than other “regular” homes. This makes condo ownership a better alternative to people who want to invest in real estate for a lesser cost. 

Flexibility 

You have several options to choose from on what to do with your condo unit. You can have it rented out long-term or short-term or just leave it vacant for a while. Since security will never be an issue, leaving it vacant is not a problem.