What are Condominiums? Condominium or more commonly referred to as “Condo” are separately owned units located in a building. When a person owns a single-family home, they own the land as well as the home structure while owning a condo means they own a single unit within a building. Most young professionals prefer to own a Condo than a house due to so many reasons. Here are some of the reasons why
Location
Condos are usually located in a prime location. Normally it would be a walking distance or just a few minutes drive away from their workplace, their favorite restaurant, mall, or any place of interest. Some of them are located near a river or shoreline. Accessibility is the main reason why people prefer condos over single-family homes.
Insurance
Insurance would be cheaper for Condos. When you own a condo, you would just need to ensure the inside of your home. Your HOA fees would cover the rest of the building’s insurance. A house on the other hand would require insurance coverage for the inside and outside of the home.
Affordability
Buying a condo is more appealing for First-time buyers because it is more affordable than a house or a townhouse. But of course, you need the consider the location as well. Condos in big cities like New York are definitely more expensive. Ask your local realtor for an affordable Condo in your area.
In some cities, buying a Condo is much cheaper than renting. Maintaining a Condo is more affordable as well. Maintaining of Condo are much cheaper as well. You have to pay for repair for anything inside your house. Anything outside your home would be covered by the HOA fees. Check your HOA fees and what it covers before purchasing your new home.
Appreciation
The price of a Condo may differ depending on the city that they are located. But generally, they are cheaper than a detached single-family home. But when we are talking about the home value, Condos appreciate at a higher rate. In terms of real estate investing, it would be more advisable to invest in a Condo.
Investment
Since Condos are usually located in a prime location, it would be a good investment to purchase a Condo. You can use your Condo as a Vacation or long-term rental via Airbnb. Condo appreciate higher than a house, you could sell them at a higher price compared to the price when you first bought the property
Security
Living in a Condo provides an extra level of security as most communities are equipped with CCTV cameras, secured entry doors, or gates that would require Entry checks for visitors. Generally, there are covered with your HOA fees.
Amenities
Amenities are one of the main reasons why people prefer Condo Life. Some condos have their own Gym or a swimming pool and rooftop terraces. Other high-end Condos would have more than that. So instead of paying a monthly fee to go to the Gym, Condo owners have the luxury of availing the amenities that the condo would offer.
Appliances
Most Condos are pre-furnished when you purchase them. Appliances such as refrigerators, washers, dryers,s, and ovens can be included. In some cases, appliances can be included when you purchase a house. When you buy a house, it may come with appliances. But most of the time they are not included. –
In some cases, maintenance of the appliances can be covered by HOA fees.
Conclusion
For first-time homebuyers, a condo might be a good choice. In most cases, it is more affordable than buying a house. You have to consider your lifestyle as well when considering the type of home you wish to buy. When you spent most of your time outside your home, a condo might be ideal for you. But if you love cooking or gardening, a house might be your best option.
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