The real estate market can be difficult for anyone to navigate, and considering how much property values were affected by the recession just a few short years ago, it’s understandable if you still don’t feel confident enough to splurge for a whole house. For that very reason, many people choose to buy condos and townhomes instead of regular single-family homes — and for a few other compelling reasons, too. If you’re thinking about buying a condominium but haven’t made up your mind yet, here are a few points about the advantages of owning a condo today:
- Condos are sort of like a mix between apartments and single-family houses, meaning that they’re set up like apartments in a community or building, but you actually own your unit, similar to owning a house, rather than rent it.
- The major financial benefit is that it’s pretty to finance a condo, and even though the value of condos tends to appreciate slower than the value of traditional homes, you’ll be able to build up your equity and actually have a say about what happens in you community (unlike when you rent an apartment).
- If and when you do choose to sell your condo, chances are, you won’t have much trouble doing so. Many condominiums are located in prime locations, like on waterfronts or in urban areas. As the area around your complex builds up, and as more people become interested in living in that neighborhood, the value of your own unit will go up. When you’re trying to figure out where to buy a condo, it’s important to keep in mind that you’ll likely be living there for a long time and the area could develop into a coveted location later on down the road, even if it’s still developing at the moment.
- Although you’ll have to abide by certain rules that are dictated by the community association — and these rules are different in each community, so it’s important to do some research about them before buying a condominium — the payoff is that you’ll also have the opportunity to use certain features, like pools, gyms, and gold courses, which are limited to community residents.
So now we’re turning to you for some help! If you own a condo, what’s the biggest advantage, in your opinion? If you’re thinking about buying a condo, what questions or hesitations do you still have?