The cost of buying a home keeps rising. Will the rate shock scare you away from becoming a homeowner?
The good news is there are affordable housing options for people who want to buy a home — including condos.
Although condos have gotten a bad rap over the years, there is plenty to be excited about. Read on to learn the most significant benefits of buying a condo.
Buying a Condo Costs Less Money
One of the advantages of buying a condo vs a home is that condos are typically much more affordable than houses, even when you factor in things like monthly maintenance fees and property taxes.
Condominium insurance is also cheaper compared to house insurance. Insurances for houses need to cover both the inside and outside of the house; condominium insurance is only for the interior of your condominium.
No Maintenance or Upkeep
One of the most significant advantages is that there is no need to worry about maintenance or upkeep. The condo association takes care of all of that for you. That means you don’t have to paint the outside of your unit, repair the roof, or deal with any other issues that can come up with a home.
This is also done regularly, so you don’t need to schedule maintenance. This regular maintenance will save you a lot of money and time over the years. Compared to the money you will spend when maintaining a larger house.
Access to Amenities
When you purchase a condo, you are provided exclusive access to several amenities you would not otherwise have. These can include both entertainment and necessary amenities.
Entertainment facilities can consist of a private gym, pool, and clubhouse. Some condominiums also offer establishments that do laundry or provide food services so that you wouldn’t need to leave your building to access these things.
This is especially beneficial for those living in an urban area, where these facilities are often unavailable. Having access to these amenities can help to improve your quality of life.
One of the most significant benefits of owning a condo is the increased security of living in a building with other people. Not only do you have a lot of neighbors who watch out for you, but professional security personnel stationed in your building do regular rounds around the building.
In addition to the personnel, other security features are in place, such as cameras and locks on all the doors. These locks are often unlocked by keycards that couldn’t be duplicated using a mold, meaning that only you can open the door.
Sense of Community
Condo living gives a sense of community that can be difficult to find in other housing options. When neighbors are close by, and there are shared common areas, it fosters a sense of community. Some condominium associations also host social events, making it easier for tenants to meet each other even though their rooms are far away.
This sense of community can be beneficial for both children and adults. It can provide a sense of belonging and security. Additionally, it can be a great way to make new friends and meet people with similar interests.
Convenience and Location
One of the best aspects of choosing a condo is convenience. Often, condo complexes are located near urban areas where you can walk to nearby restaurants, theaters, and shopping.
If you have a busy lifestyle, this can be a godsend. Another great convenience of condo living is that many complexes offer on-site amenities such as gyms, pools, and spas. This can save you time and money, as you won’t need to join a separate gym or drive to a collection.
Due to the condominium’s urban placement, it is also close to where people go to work. So owning a condo can be beneficial for you if you work or would want to work in the city.
Condos offer a unique opportunity when it comes to investment potential. Because they are often located in desirable areas and offer amenities that renters are looking for, condos can be an excellent investment.
Condominiums typically appreciate over time and offer the potential for rental income. For investors looking for a hands-off investment, condos can be a great option.
Not only do condos appreciate over time, but you can also rent out your unit if it is situated in an area where tourists frequently visit. This way, you can make extra cash if you’re not using your unit, and you will still be able to use your unit from time to time when you’re in the area.
If you’re situated in Toronto, have a look at the top 5 condo buildings in your area.
Don’t You Love These Benefits of Buying a Condo?
Earlier, you may ask, “Should I buy a condo?” Well, go for it!
Buying a condo is not only beneficial to you financially, but it also improves your quality of life. It provides amenities such as pools and gyms.
Condo living also fosters a sense of community between you and your neighbors, which satisfies the need for human interaction and increases your chance of making more friends. The management also provides regular maintenance and good security to help with your peace of mind.
Condominiums are also suitable investments for they appreciate through time. If they are in a good location with plenty of tourists or business people, you could put your condominium up for rent and make some extra cash on the side.
Visit our blog for more tips on condo ownership and the real estate market.