7 Awesome Benefits of Buying a Condo
Are you on the fence about where to purchase your next home? Check out these 7 awesome benefits of buying a condo, and you may just be ready to make your decision.
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The U.S. condo market is increasing, with new construction up 11 percent in 2014. Condo prices have also come down compared to single-family homes. They offer residents several benefits – combining ownership with the maintenance-free lifestyle.
Are you on the fence about where to purchase your next home? Check out these 7 awesome benefits of buying a condo, and you may just be ready to make your decision.
What Is a Condo?
A condominium is a combination of a house and an apartment. You have similar amenities as apartment living, but you own it like a home.
Some people really love the neighborhood feel of a condo, while others would prefer a home. Condos have homeowners associations and fees to cover these amenities and maintenance.
Have a condo may make the most sense for you and your family depending on your interests, finances, and current life situation.
1. Buying a Condo Means Low-Maintenance
If you dread mowing the yard or doing other landscape maintenance, take a sigh of relief – you don’t have to do that at a condo! One of the biggest and most notable perks of condo living is that you don’t have to do any maintenance.
Your association dues cover maintenance like snow removal, lawn maintenance, roofing, painting the exterior, paving, and more. You will have to take care of everything inside your condo, so you could run into some maintenance and repairs.
2. Enjoy Extra Amenities
Condo residents relish several amenities such as workout facilities, pools, party rooms, golf courses, tennis courts, and more. Some condo communities have extra security, which is beneficial and reassuring to some people.
Condos can be in a large neighborhood such as on a golf course or even on the beach. These amenities become more affordable because there are a group of owners versus just an individual owner.
3. Get the Best Location
Several condos are located in prime neighborhoods which are close to restaurants, shopping, work, and public transportation. These desirable locations could be too expensive to buy a single family home. The prime locations also help condos increase or hold their value, so they could be a great financial investment.
Condos are also popular in vacation destinations like the beach or ski villages. Single-family homes would be much more expensive in these areas. This is why several people choose to have condos even as a second vacation home.
4. Get More Bang for Your Buck
Condos can be a great financial value compared to standalone homes that tend to be higher in cost. Even after you factor in the association dues, there may still be more financial advantages to a condo.
Because maintenance is covered, several condo owners feel their housing budget is much more predictable than running into an unforeseeable repair or upgrade in a home.
When buying a comparable house, it’s usually cheaper to buy a condo. Depending on what size you need, the condos cost less in most desirable areas. Single-family homes will appreciate quicker than condos.
5. Get Social Connections
If you enjoy being around others and socializing, condo life may be for you. Several condo residents enjoy the unplanned, regular social activities with their neighbors.
You won’t be so isolated as you may be in a single family home and you can get a strong sense of community with your fellow neighbors.
Some people love the privacy of a single-family home, so it depends on your lifestyle. You will live much closer to your neighbors in a condo than you would even in a single family home neighborhood.
It is easy to watch out for one another in a condo community. You will see your neighbors regularly either at the pool, clubhouse, or on your back porch. It may make you get out more and be active if you find neighbors with similar interests.
6. The Equity and Tax Advantages
If you can’t decide between renting or buying, think about the two major advantages of owning a condo. First, you build equity with each payment. Second, you get more tax deductions with property taxes and mortgage interest.
Take time to compare all the costs of renting versus owning. Remember, you won’t see any of the money back with renting. But, if you are looking for short-term, renting may be the better option.
7. Use a Condo as an Investment
Some buyers purchase a condo as an investment or a second home. They hope that the condo value appreciates over time and can use the condo as rental income.
Condos do appreciate much slower than sing-family homes, so renting the property is a good idea to help make more money on the unit while waiting for its value to appreciate.
For example, Oceanfront condos may bring in thousands of dollars weekly during the prime the summer vacation months. Condos in ski towns will bring in big bucks over the winter.
Ask your realtor if this condo has been a rental before. If so, you should be able to see how often it is rented, the rental fees, and the income. The high-income weeks may just pay maintenance costs for the entire year, and you can enjoy your property in the off-season.
Thoughts on Buying a Condo
The best piece of advice is to do what suits you and your lifestyle. If you like activities and the idea of no maintenance, condo living may be for you. If you want to earn some extra money for rentals in a high demand area, you may want to purchase a condo for an investment.
Before deciding on a condo neighborhood, really check out the neighbors. Ask to visit the pool or the clubhouse. You will see these people regularly, so you will want to make sure you enjoy the company.
Buying a condo is a big commitment. You should make sure you are financially, socially, and ready to buy. There are rules you will need to follow, so make sure you get a list of all the association rules before deciding to buy.
Looking for More Advice on Your Home?
If you decided you are interested in buying a condo, check out Sweetcaptcha for more advice on making your condo a comfortable home. Take a look at an article about making your home cozier. You can also find easy ways to transform your living room.
