A condo is a personal residence that you own within a larger building or a community where you share other common areas with other units in your community. Having to own a condo is something you should never miss out on, especially if you start on your journey to home-ownership. Condos come with a fair share of benefits that you may want to know about before signing that certificate of ownership.
Condos can take different forms, such as townhouses attached to other units on one or either side or large buildings or high-rises surrounded by other units. Either way, the benefits of owning a condo would include the ones below.
Benefits of Owning a Condominium (Condo)
Once you have made the decision to own a condo, you are necessarily subscribing to the remarkable benefits of owning one. Here is a collection of some of the benefits awaiting you.
No Maintenance Stress
You will have to kiss a sweet goodbye to all the stress revolved around maintenance duties in your compound once you get yourself a beautiful condo to settle in. These maintenance duties will be taken care of with professionals who will cut the grass, fix your roof, and maintain your ground, among other responsibilities revolving around maintenance.
This is a benefit you would appreciate, especially if you are super busy with work and someone who loves traveling a lot and would not keep an eye on your compound for long periods.
Buying a condo has proven to be cheaper than buying your own single-family house, according to the National Association of Realtors (NAR). For example, the NAR price estimates of a single-family home were found to be 4.18 percent more than that of a condo. The prices always vary depending on several factors, such as region, population, and real estate developers, among others.
For better pricing analysis, you can always visit different condo property sites such as jadescape condominium to compare and close in on some of the best deals.
In most condos, your security comes top in essential services offered. In most cases, the condos management will provide gated or locked entries, security guards, or doorkeepers for the residents. Anytime you are away from home, even for extended vacations, you won’t worry about home break-ins while you are away.
Additionally, with condominiums, you live closer together with your neighbors, which makes it easier for you to get help whenever needed.
Some of the social amenities that would push you to get out of your compound are mostly included within a condo compound. When you are back from work and limited in time, you can always use the gym facility in your compound and save on the time you could take to go for one outside. Plus, you can use the amenities as points of meeting and interacting with your neighbors.
Some condos even go the extra mile in building pre-schools and health facilities for the residents. Your young ones could have a place near home to start their early development training as they are taken care of while you are away. Even if you get home slightly late on those bad days, you will be assured your kids are safe and within the home.
These extra amenities make life in the condos much more comfortable than when living in your single-family house.
Slow Appreciation Rate
When purchasing a single-family house, you will be required to buy the land the house is sitting on. The land is widely known to appreciate at higher rates within short periods. For condos, however, you won’t need to buy the land around your house to own the home you want. This makes acquisition rates remain significantly low for more extended periods making purchases favorable for you if you needed to save some money over time to purchase the house.
Also, many people are excited about the idea of owning single-family homes and therefore keeping competition for condos low and favorable for upcoming homeowners. However, this benefit may soon start to change as a new flux of future homeowners is increasingly getting interested in the condos, so make your move early.
Closeness to the City
Most condominiums are closer to developed cities, which will only take you a few minutes to walk or drive. If you are working in nearby cities, then this will be an appealing factor to consider. Plus, everyone wants to enjoy the top-notch services offered within a city center, but most people never want to live in the middle of such cities for many reasons.
These outskirts areas of the city offer you a conducive and peaceful environment to relax and enjoy the cool of the day as you get rid of your day’s worries from work. Again, this being a house you will live on for an extended period, it is only prudent that you chose one that is located in a place you find comfortable to live in for more extended periods.
Owning a condo saves you a lot of strain that you would rather face in your own single-family house. For example, in a single-family home, you are the one to pay for all the maintenance, foot out the bill for security alone, and still, deal with in-house bills and expenses alone. However, in a condo set up, all you have to worry about alone are your in-house expenses. For the shared expenses, you will undoubtedly enjoy subsidized rates and therefor cheaper payments in a month.
Condo ownership is an upcoming trend in the real estate industry, one that you should not pass you without investing. The good news is that you can still sell your condo after some time if you feel it’s time to move to a bigger space.
As an investor, you are always safe to buy a condo and resell it when prices rise. Kick start your home-ownership journey today with the best option available at the moment.