Condos are appealing to home buyers for many reasons: The exterior maintenance is taken care of, and you may even get to use a swimming pool that is cleaned and maintained for you, as well have access to a fitness center and other recreational facilities.
Here, some reasons why you might want to consider a condo as opposed to a single-family home.
Condo communities usually are located in great places and they cost much less than single-family homes. For example, when you want to buy a home on a beachfront, it can cost you much more than a unit in a condo community that is situated on the same beach front.
2. Rental potential
Condo selling prices do take some time to appreciate, but as an investment, condos have good rental potential. First, they are inexpensive to buy, so they are inexpensive to rent. Second, they are located in great locations where most people would want to live. It is easy to find a tenant for a condo than for a single-family home.
3. Ample security
Condos come with their own security, which you will have to pay for in the HOA fees. This means that if you live alone, are elderly or travel frequently, your condo will be safe. Doormen, manned gates, and even trained security personnel services are available in condo communities.
4. A sense of community
If you buy a condo in a block that is owner-occupied, you can be assured of a great sense of living in one big community. So, it is key to make sure that more owners occupy more units than tenants because tenants do keep moving. Thankfully, the real estate agent will disclose all this information to you. In condos, there also are many social events that can help your children create larger social circles.
This is one of the main reasons many people buy condos. You will not be responsible for the maintenance of the exterior, the common amenities or the grounds. This leaves you with free time to pursue other things because the fees that you pay for maintenance every month are used for these purposes. Even if you travel for a lengthy time, you are ensured that the exterior of the building is maintained.
6. Homeowner benefits
You will enjoy every benefit that a regular homeowner enjoys, from taking advantage of your home equity to building an extension, as well as renting the condo to a tenant. Just be sure to find out what your condo association allows.
7. Ideal for travelers
A constant worry for those who travel frequently is the security of their home, as well as arranging for regular maintenance before leaving. Living in a condo community takes all of these burdens off your shoulders. Security for your home is guaranteed, and the exterior maintenance is taken care of for you.