The Advantages of Buying a Condo
In the past, no one would even consider buying an apartment over a house since owning your home on a piece of land was the ultimate American dream. But nowadays, the landscape is quite different.
As single young professionals who live alone become more common, buying a condo becomes as desirable and suitable as purchasing a house.
If you are considering buying a new condo because you think it would be a good investment or you want a place to call your own, then keep reading for some advantages of buying a condo below. It should convince you that your decision is absolutely on track.
You Don’t Need to Take Care of a Lawn or Other Maintenance
If you are the lazy kind of homeowner or are just not interested in spending your precious free time mowing the lawn or taking care of your property, buying a condo is the better choice. With a condo, you pay a monthly maintenance fee, which ensures you don’t have to lift a finger when taking care of the condo property.
Everything from cleaning the common areas and wiping down the gym equipment to the swimming pool and building amenities upkeep is taken care of by the staff the condo board or property management company hires. So you don’t need to worry about a thing.
And if you are interested in participating, you can always apply to be part of the condo board and give back to your community.
You Get Access to Additional Amenities—Helping You Save Money
Are you currently paying a monthly fee to access a gym and a pool? Or maybe you must rent a hotel every time your parents or friends visit?
With a condo, depending on the amenities that it includes, a lot of these extra costs would be alleviated. For example, some condos have a gym and a pool that all their residents are allowed to use for free. Also, some condos offer the possibility of using the guest room by booking it in advance and paying a small fee.
You can choose your condo accordingly depending on what amenities would be attractive to you. Some condos even have access to a grocery store which you can get to without ever leaving the building. But, of course, if you live in a cold country, you would appreciate that a lot.
Do your research and buy a condo that suits your needs best.
A Condo Has Better Security Than a Home Would
If you are a single woman living on your own or a family with young children and security is essential, then a condo will be the better choice. Not only do you not have to pay extra for this security, but having 24/7 security and concierge services around all the time can be a luxury you will soon not want to live without.
Also, with concierge services, receiving packages is much easier even when you are not at home, which is so convenient for single busy professionals. You never have to miss a package because you weren’t at home, and you don’t have to drive to another location to pick up your package either.
It’s Much More Affordable Than Buying a Home
When choosing between purchasing a condo or a house, you might gravitate towards a condo because of the cost issue. Some high-end luxurious condos can be as expensive as homes. But in most cases, if you are going for a regular condo, it will be much cheaper than buying a house.
If you have a smaller budget because you are buying the condo on your own or if you don’t want to spend too much of your monthly income on housing, then a condo is the superior choice. Not only that, but because a condo is cheaper, it will be easier for you to get approved for a mortgage.
If You Want to Live Downtown, a Condo Is the Best Choice
Condos are usually located in popular high-demand areas like the downtown core or other such areas. As a young professional or someone who likes to be in the middle of things, you would want to choose a condo over a house in the suburbs.
This is even more important if your office is located in the downtown core and you want to make your commute much more manageable or don’t want to pay exorbitant fees for parking your car.
And if you like having easy access to many dining options, and being close to all the fun attractions and dance clubs, then living in a condo downtown is the best way to do it. This way, you don’t have to drive 30 to 45 minutes every time you want to go to a baseball game or catch a theatre show.
You Can Make Improvements to Your Unit—Within Limits
Your condo is your castle. It’s your piece of the building, and you improve it as you wish.
The condo board and property management company will have some rules you must follow—related to how you use the common areas and whether you can hang up clothes on the balcony or not.
You should follow these rules, of course, so that you can have a peaceful relationship with others in your building. But in most cases, you can do what you wish regarding the inside of your condo.
This doesn’t mean illegal activities. But you can paint your condo walls as you wish and hang up whatever art you want. You can add the light fixtures you want and have your condo be as stuffed or minimalist as you desire.
The freedom to choose how you decorate your condos is precious, indeed. Especially after you spent years living in rentals where you were restricted in what you could and could not do.
It’s Easier to Make Friends
Going up to a bunch of strangers and trying to make friends with them might seem impossible if you are an introvert. But when you live in a condo, you will constantly cross paths with your neighbors and others in the building.
It’s easy to start a conversation when you are in the elevator with them or working on a treadmill next to them. Also, condos usually hold events where residents can come together—you might have a drink, eat some snacks, or even have a meal together.
This makes it easy to build friendships with your neighbors or others in the building. It also ensures that you have a bit of a support network in case you need someone to water your plants, take care of your pets while you’re on vacation, or help you out when you are sick.
This can be a great boon if you are alone in the city or have no family around.
You Can Use Built-Up Equity to Buy a Home Down the Road
You aren’t stuck with your choice of condo forever. You can purchase a condo for now, and then when you are ready to move up in the world; then you can sell the condo and use the built-up equity to buy a house or a bigger condo somewhere else.
This means that instead of pouring money down the drain by renting, you are building up an asset that will pay you in the future. Also, if you don’t want to sell the condo, you could rent it out while you move to a house or travel around the world.
You could earn rental income every month and pay off your mortgage simultaneously as you become a first-time real estate investor. It’s not a path everyone will choose, but it’s suitable for some folks. First, you must try it to know if it works for you.
If you are on the board, make sure to peruse a condominium association insurance coverage guide and buy appropriate condo insurance for your building so you are protected in case something untoward happens. This way, you won’t lose your investment entirely if flooding or another issue with the condo.
Buying a Condo Is the Best Choice in Almost Every Way
Once you are ready for homeownership, the choice emerges—should you choose a condo or a house? Considering the many advantages of buying a condo listed above, the choice seems quite clear.
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