For those interested in owning property, especially in an urban area, the question often becomes, what type of property should I buy? There are single-family homes, townhomes, and condominium homes to consider. Many young couples tend to lean toward either a townhome and more and more toward a condo.
There are several reasons why people consider buying a condo, but here are some of the main benefits of buying a condominium vs. single-family homes.
One of the first things that tends to lead people to finding out more about buying a condo is the affordability of the property. Condos tend to be priced lower than single-family homes, especially if you buy one in the “hottest” neighborhoods before real estate prices skyrocket from consumer demand. This allows young people the opportunity to become property owners sooner and with a lower capital investment.
In order to get all of amenities you may be wanting in a property, like a pool, a fitness center, tennis courts, and more, it’s far more budget-friendly to buy a condominium that has a community built around these features than to buy a single-family home that can offer all of these same options.
The cost of the upkeep for these amenities is shared by many property owners via condominium association fees, but these are amenities that tend to be out of reach for the average homeowner who purchases a single-family home.
Another attractive feature that comes along with buying a condo is security. Many condominium communities are gated or locked, and some even have doormen or security cameras on the premises. If you live alone or are particularly concerned about security, these can be comforting features that come along with buying a condominium.
If you are not handy by nature, buying a single-family home could be a big undertaking as you will be responsible for all property maintenance and upkeep, from maintaining the yard to repairing the roof, and more. These are not tasks that all homeowners are capable of or desire to do themselves, especially those who are busy with work or travel often.
But when you buy a condo, there are maintenance people on-staff who take care of many of these things for you. They maintain the community spaces, mow the grass, and more. This is something that is also included in your condominium association fee.
It may surprise you to know that many people who live in single-family homes don’t know their neighbors. This is not the case if you live in a condominium community.
Having the common areas mentioned earlier, like green spaces, pet areas, pools, on site fitness facilities, and more will create a sense of community and allow you to socialize and get to know your neighbors.
There are also opportunities for networking, attending outings, and even cause-related events that you can easily take part in when you live in a condominium community.
Buying a condo allows you the best of both worlds as you’ll have the benefits of owning your own property without all the downsides of owning a single-family home, like a high initial capital outlay, maintenance, and more.