5 BENEFITS OF OWNING A CONDOMINIUM
Many people long for owning real state; however, they find it hard to accomplish due, mostly, to financial constraints. They also want to make sure they make the right choice because it represents a significant investment in their lives and it better be the best one. Considering the possibility of buying a condominium, that is, an individually-owned housing unit in a multi-unit building, is definitely an option one must take into account because investing in this type of real state provides several advantages.
1. GREAT FOR FIRST-TIME BUYERS
First, investing in a condominium is cheaper than buying a house. Even though the prices vary depending on the location of the property, condominiums’ acquisition cost is lower that of houses. This fact suggests an advantage for young purchasers who have a limited budget but who desire to own real state. Moreover, unit owners pay property taxes only on their unit, and may also mortgage rent, or sell it just like any other personal property.
2. ACCESS TO FACILITIES
Another benefit is that condominium owners not only hold title to the condominium unit, but they also share ownership of common areas. Thus, the owners could have access to facilities in the condominium such as swimming pools, hot tubs, gyms, tennis courts, elevators, parks, parking lots, etc. As such, there are several possible options to spend leisure time without having to go far from home. In a family with children, the little ones could also enjoy the facilities and they could have fun playing around. Since condominiums are generally located in central areas, it could be easy to find grocery stores, restaurants, and banks nearby.
Besides having access to the facilities mentioned above, there is no need to take care of their maintenance. Residents have to pay fees to the Home Owners Association (HOA) who deal with the exterior maintenance of the shared facilities and with the general upkeep of the condo complex. So, for instance, residents will not have to be concerned about mowing the lawn or replace their mailboxes because managers would take care of this.
4. PRIVACY AND SAFETY
The increased security that a condominium has constitutes an extra advantage to take into account. Generally, condominiums employ security doormen and have restricted access to the building, guaranteeing, to a great extent, the privacy and safety of the people in the building. Accordingly, the likelihood of theft inside the condominium is low and residents can feel safe at home. Children could also play around freely and the parents could feel more confident about their kids’ safety.
5. COMMUNITY BONDS
It is also relevant to mention that a condominium offers a sense of community. Since owners live close to each other while still respecting each other’s personal space, it could be easier to build relationships. People could meet on a regular basis and build durable relationships which would make the experience even better. The owners could also gather and celebrate holidays and make friends.
In brief, investing in residential real estate could be a challenging decision, and as must be expected, one must make the best possible choice. Condominiums offer several advantages, including a lower price compared to houses, access to diverse facilities without having to deal with their maintenance, and a safer and community environment. On the whole, investing in this kind of property represents a big advantage over other types of real state.