In a world where renting is the more popular option, there are still some great reasons to buy a condo or townhome. With increasing mortgage rates and home prices, Damon Becknel an experienced entrepreneur and land developer feels that now may be a smart time to consider going from renter to owner. If you’re considering buying a condo, here are just four benefits of this option.
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What Is a Condo?
Having a rough understanding of a condo can be a great start to your research. A condominium, or simply a condo, is an individual unit part of a larger building – typically mid-rise or high-rise. The development comes into play as the entire space from which you’re buying the condo, including common areas such as lobbies, pools, and parking lots. In addition to these common areas, some condos may offer amenities such as elevators and workout rooms.
How Much Does it Cost?
The cost of purchasing a home varies greatly by location and type. Right now, condos vary greatly in price but are more affordable than other options on both the low end and high end. Condos for sale range from $20,000 for a small studio to million-dollar homes and penthouses. Even though condos may come more affordable than single-family homes or townhomes, it’s important to remember that condo fees need to be considered when evaluating the total cost of ownership. These fees cover many building costs such as landscaping and cleaning services but often include additional costs like utilities and cable bills.
What Are the Benefits Over Renting?
Although some people enjoy renting over owning, many reasons why buying a home is still smarter than renting. Many renters don’t think about what will happen if they can no longer afford their monthly rent payment – without even having a slim possibility of putting down money for a down payment on their own home. When renting, it’s possible to get hit with sudden large rent increases or not be allowed to stay in your apartment.
Although condos may come with an additional monthly fee, it’s important to remember that these fees are often included in the price of renting an apartment. This means you won’t ever need to worry about paying for utilities or cable bills while still having access to amenities like elevators and parking lots. Condos can also become easier to sell than regular homes because they’re more affordable and easier to maintain – making them great options for first-time homebuyers looking for their forever homes.
A Condo Is Less Work Than a House
If you hate yard work, then condos might be the right choice for you. While not all condos have these amenities, many have community centers with pools and tennis courts. In addition, they often have access to gyms and fitness centers and social clubs such as book clubs or wine tasting events. These features also exist in houses but require additional maintenance on your part.
A Condo Is Less Money Than a House
Whether buying or renting, it’s always smart to spend less money than more. A condo costs less than a house not only because of the lower price point but because you are sharing your space with other people in an HOA or condominium association. This means that many homeowners are splitting the cost of maintaining the exterior grounds, roofing, siding, etc.
You Can Move Easily With Your Current Commute
If you’re like most Americans, then your commute is probably 30 minutes – 1 hour (and this is if you’re lucky). An easy way to decrease this time without changing jobs is to purchase a home closer to work condos do just that. Instead of spending hours in traffic, you could spend 30 minutes commuting to your new condo, which is closer to work.
A Condo Could Increase Your Resell Value
Last but not least, the main reason most people buy real estate is for resale value especially if they are planning on moving within the next few years. Although many variables affect a house’s resell value, condos tend to hold their resell values better than most houses. This may be because of the community they’re located in or an established neighborhood with known amenities etc.
