Many people who are interested in owning a property might view condos as a last resort. After all, isn’t buying a single-family home or townhome better? The truth is – not exactly. While there are certain benefits to buying a single-family home or townhome, there are also many benefits to owning a condo. Below are some of the many reasons people opt to buy condos as opposed to homes, and why you would invest in a condo as your property.
Condos are often times more affordable than single-family homes, which makes them a perfect property to begin your real estate portfolio. Condos are, on average, around $10,000 cheaper than a similar single-family home or lot.
This $10,000 price might make all the difference for someone that wants to own their property and not pay rent to a landlord. While paying rent allows you to move month-to-month, it’s also important to remember that rent does not go anywhere in terms of your assets.
Therefore, it’s best to save up to own a property as soon as possible. If a single-family home is out of your price range, condos provide a luxurious and affordable alternative.
The average price increase of a condo is around 8.7%, which isn’t bad considering a single-family home’s increase is around 13.5%. If you want to invest in a property that will increase in value even more, consider buying a rental in a popular area.
If you want to buy a property that will increase in value and will be worth it in the long-run, nothing beats buying a condo in a major city like St. Louis, Los Angeles, or Austin.
Condos are also great investments for people that spend money on amenities like spas, gyms, and saunas. Many condos offer these amenities as basic parts of their HOA fees.
HOA fees are standard with condos, but they include these amenities as well as parking, cleaning services, and maintenance of your condo’s building. Take advantage of the many amenities offered by your condo, and consider purchasing one to enjoy living in luxury.
Better Home Maintenance
As mentioned earlier, most condos charge HOA fees to maintain the property in pristine condition. For condominium owners, this means not having to worry about cleaning the outside of a property. Most homeowners of single-family homes or townhomes will need to spend time cleaning their property, such as cleaning their backyard, front yard, or deck area.
You won’t need to worry about cleaning when you own a condo, since professional services will do the hard work for you. In addition, if you have a problem with an appliance such as your HVAC system, garbage disposal, or kitchen appliances, these might also be covered by your building’s HOA.
Condos are incredibly versatile properties. You can use them as your primary living area and include a living room, dining room, kitchen, and bedroom for a total home. However, many people choose to use condos as a second living area or studio.
You also have the option of renting out your condo to tenants or using it as a vacation rental. Since condos are more affordable than homes, they’re a great option if you want an investment property quickly so you can start turning a profit.
Condos are some of the best investments you can make this year. Consider looking at your town for condos for sale and begin to build equity fast!