Prospective homeowners across the world are grappling to decide whether it is wise to invest in a single unit/apartment or a condominium. Initially, rentals and apartments were common, but over time people have come to terms with the enormous benefits enjoyed when you own a condo. Condos are units within a building that are sold to different investors. However in as much as the ownership is absolute, there are common areas which are shared among the owners. These common areas include the swimming pool, gym, rec rooms and parking. The condo owners are mandated to pay requisite fees that goes to maintenance of the common areas. Also, the fees will cover general repair and maintenance costs.
Young investors are highly encouraged to venture into this type of real estate based on the fact that it is cost-effective and most developers allow a convenient financial plan aimed at facilitating lessening the financial burden. Indeed owning a condo is better than renting or buying an apartment. The advantages that are in support if this assertion are highlighted as follows;
Condo developers offer amenities that would have otherwise cost you a fortune. Further, the amenities guaranteed in condo ownership are world-class and are enjoyed at negligible costs. The amount paid towards maintenance will be used by the association to provide the best facilities. Gyms, swimming pools, and sports centers cost a lot of money, but condos offer the services at a flat rate that is pocket-friendly.
High resale value
When you are choosing a condominium, it is prudent to forecast the resale value. However, most condos are highly valued, and they are thereby bound to appreciate in terms of value. With rising inflation, proper maintenance and improvement the value of your condo will always be on the upsurge. Also, the condo market is highly competitive, and this will help your case whenever you want to sell your condo.
Easy to rent out
As mentioned earlier, the condo market is competitive and therefore it is easy to lease or rent out the condo if you don’t to intend to occupy it. Employees and students are the target market due to convenience created by the condo. Since most condos are located in the middle of cities, it is easy to get to work or school.
The condo association is responsible for providing adequate security around the clock. The security personnel is well trained to guard the lives and property of the occupants.