Many appealing things about condos drive first or even second and third-time homebuyers to think about owning one. One of the benefits is that you will get exterior maintenance, you even get to use a swimming pool that is cleaned and maintained for you, a fitness center and other recreational facilities. You can keep fit while saving money on gym membership.
If you think about it again, what is not to love about a condo? After all, it is like owning an apartment. A condo is one of many units in a secure, gated community. It is the most affordable housing option if you would like to live in some of the most popular cities in America, or if you would like to enjoy amenities that would cost you an arm and a leg if you were to live in a single family home.
1. Condos are Normally Located In Popular Areas
Most single-family homes that are near everything of interest are usually out of reach to many people because of their high prices. However, condo communities are usually located in great places and they cost much less than the single-family homes. For example, when you want to buy a home on a beachfront, it can cost you much more than a unit in a condo community that is located on the same beachfront.
2. Good Rental Potential
Granted, condo selling prices do take their sweet time to appreciate, but as an investment, you should know that condos have good rental potential. Firstly, they are cheap to buy, so they are cheap to rent. Secondly, they are located in great locations where most people would want to live. It is easy to find a tenant for a condo than for a single family home.
3. Good Security
Condos come with their own security, which you will have to pay for in the HOA (homeowners association) fees. This means that if you live alone, are elderly or you travel out of town a lot, your condo will be safe. Doormen, manned gates and even trained security personnel services are available in condo communities. Condos are actually gated communities with very few break-ins if any at all.
4. Live In A Community
If you buy a condo in a block that is owner occupied, you can be assured of a great sense of living in one big community. Thus, it is crucial to make sure that more owners occupy more units than tenants because tenants do keep on moving. Thankfully, the real estate agent will disclose all this information to you. In condos, there are many social events that can help your children create bigger social circles.
5. Offered Maintenance
Maintenance is one of the reasons why many people buy condos. You will not be responsible for the maintenance of the exterior, the common amenities or the grounds. This leaves you with a lot of free time to do other things as the fees that you pay for maintenance every month are used for this. Even if you travel for a long time, you are sure the exterior of the building is taken care of. You no longer have to worry about who mows the lawn and when they do it. If the grass needs cutting, you will find it cut. If your bricks need repair or repainting, someone else does it. If your roof is leaking, someone will fix it for you. The running costs for a condo can be much less than those of a single family home.
6. You Get Same Benefits As Regular Homeowners
From taking advantage of your home equity as you pay mortgage for a long time to building an extension as well as renting the condo out to a tenant, you will enjoy every benefit that a regular homeowner enjoys. Just find out what your condo association allows before you do it.
7. Good For People That Travel A Lot
One of the constant worries for people who travel a lot is the security of their home, and the need to arrange for regular maintenance before leaving. However, living in a condo community takes all these burdens off your shoulders. It is a gated community so security for your home is guaranteed and the exterior maintenance is taken care of for you.
Now you know all the advantages of buying and living in a condo. If you are planning to have your condo in a popular place like Los Angeles, check this huge list of LA condos for sale. If you interested in a more specific place in Los Angeles, Santa Monica can be a great option. In that case, check out this list of condo for sale Santa Monica. Have a condo in your preferred location and enjoy the benefits of living in a condo.
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