While there are always going to be pros and cons to buying any piece of real estate, it always seems like condos get the most press. The funny thing is, condos are a ‘love them’ or ‘hate them’ kind of property and it doesn’t ever seem that there’s anything in between. If you are in the market for a home, here are some of the very best reasons why you might want to invest in a condo – 10 reasons, to be exact!
1. Wide Assortment of Amenities
One of the advantages of buying a condo as opposed to buying a single-family dwelling is the sheer number of amenities most condominiums offer. Most have a minimum of a pool, tennis courts, community rooms, and others have fitness rooms and indoor saunas as well. Of course, these are never guaranteed, but each of these amenities is common in today’s condos.
2. On-Site Security
You will rarely find a condominium without onsite security. This is something that is covered in your condo association fees, but to be sure, ask how security is handled at the condo you are interested in. Sometimes it’s merely a gated entryway with a code or key card and other times there are security officers on site around the clock. From CCTV security systems to security officers patrolling the grounds, always check to see what kind of security you are getting.
3. Location, Location, Location
Many condominiums are those highrises you see lining the beaches, but having said that, there is a great number inland as well. However, the one thing you can almost always be assured of is that condos will typically be in better neighborhoods. Any developer would want to be sure they could sell those units and who would buy a condo in a bad area of town? In fact, who would buy a single-family home in a less than desirable neighborhood? Just don’t count on all condos being oceanfront properties.
4. Investment Potential
Here is another reason many people invest in a condo as opposed to a single-family home. While it is true that condos appreciate slower than single-family dwellings, that could very well work to your advantage if you ever need to sell! Consider the fact that a home you bought last year for $150,000 was selling today for $175,000 and within a couple years will be priced at over $200k. If the economy ever goes south again, it’s much easier to sell a property that costs less than one with a price tag through the roof. No, your return won’t be as great, but your chances of turning a quick sale are much better.
5. Condo vs. Apartment Dwelling
Some people have come to the conclusion that buying a home is simply too much work in the long run. From maintenance to landscaping, it’s more than they care to deal with. Instead of renting an apartment, these folks understand the investment benefits of buying a condo. Besides building equity in the unit, there are tax advantages come April 15 when you get tax credits for that mortgage you are paying. Do apartment dwellers get that for rent? You know the answer to that one!
6. Perfect for Downsizing
Although many seniors move to condos when downsizing from a large family home, that isn’t the only reason homeowners are looking for smaller homes. Sometimes it’s the cost of upkeep on that home and other times it’s simply a matter of getting rid of unnecessary space. Maybe the kids have moved out and begun lives of their own and here you are in your mid-forties keeping up a home meant for six occupants with only two remaining residents! To learn more about the benefits of buying a condo when downsizing, this is a great website to visit.
7. Price May Be Lower than Single-Family Homes
While this isn’t always the case, condos are typically priced lower than single-family homes. Not only is there often a large lot that contributes to the value of a house, but houses are usually much, much larger than a condo. Even with an equal price per square foot, the smaller size minus land will yield a lower asking price most of the time. However, don’t forget about the magic “Location. Location. Location.” An oceanfront one-bedroom condo just might sell for more than a four-bedroom home!
8. Grounds Maintenance
Are you tired of mowing the lawn, trimming the shrubs, shoveling snow and blowing leaves off the property in the autumn? If so, condo living is for you! With grounds maintenance teams on location, you’ll never need to worry about any of that again – ever!
9. Flexibility in Seasonal Renting
Here is another benefit of owning a condo. Although your HOA might have something in the bylaws preventing your from subletting your condo during the months you aren’t there, most co-ops and rental apartments strictly forbid this. If you are going to live in that condo only half the year (or less), you might want to sublet it during those times you’ll be away. Now you have a home and an income property. Why not let the condo virtually pay for itself?
10. Community Lifestyle
Remember those amenities mentioned above? Those are the perfect way to meet new people and develop a sense of community. When living in a detached home, it’s fairly hard to do unless you join a homeowners’ association, but even then, chances are slim that you’ll be asked to pool parties, chess games,and craft groups. If you have to start over in a new community, condos offer the easiest way to ‘fit right in.’
So, there you have 10 very good reasons to buy a condo and if you look, you’re sure to find more. From pricing lower than the typical home to better security, less maintenance, and so many amenities and activities to enjoy, what are you waiting for? Condo living might be just what the doctor ordered.