Finally thinking of buying those condominiums you’ve always wanted? The modern market’s condos for rent and sale have never been hotter! Whether you’re looking for a beautiful place to retire or a location you can depend on during the vacation months, condominiums only continue to get more and more popular as time goes on. There’s just something about customizing your own very own getaway that can’t be beat with conventional methods like renting cabins or staying at hotels. Let’s take a look at condominiums for sale and why it’s a buyer’s market for people all over the country!
Who Buys Condominiums?
Although people of all shapes and sizes buy condominiums and townhomes, they are especially popular among couples and retirees. The average age of retirement in the United States is around 63 years old and many find themselves turning to townhomes for sale in their later years. Condominiums can be customized at will and offer its buyers a combination of style and independence. In retirement, it’s thought that owning a home can bring you far more joy than simply renting — however, recent studies by Texas Tech University have seen that changing due to a fluctuating economy and evolving expectations. The satisfaction seen in homeowners ranging from age 20 to 90 and over have seen significant spikes in both options.
How Affordable Are They?
When it comes to buying? Far cheaper than the alternative. To use a comparison, a 2,400 square-foot town house could see you paying an average of $725,000 or so. A similar-sized, single-family house in the same area, however, could cost well over $1 million. Considering young adults and couples invest in condominiums just as much as retirees, this cost-saving measure does wonders for hitting every single high note on a buyer’s list. The National Association of Realtors of first-time buyers, between 2013 and 2014, saw the average age of buyers at 31 as well as the average home purchased at around 1,500 square feet.
What’s The Appeal?
Condominiums combine independence, affordability and flexibility in one stylish package. It’s estimated three out of five Americans want to spend their golden years in another city or state, according to ongoing national surveys, and condominiums offer all that and then some. They’re frequently located in beautiful and scenic locations, close to thriving downtown communities, art galleries and restaurants. While many use them as a form of retirement, many others use them as a vacation home to get away from work or school for a few weeks. For those that use condominiums for traveling and vacation, it’s recommended you put aside a little bit of money for maintenance — you don’t want any electric or foundation problems cropping up during your getaway!
Where Do I Start With My Custom Homes?
Getting started on buying or renting your very own condominium requires you asking a few questions about what you want out of your home. What kind of climate do you prefer — do you want multiple seasons or are you someone who prefers the sun year-round? Are you buying to supplement your retirement or are you using it as another means of travel? Filling out your personal questionnaire will go a long way in making this purchase meaningful and accurate. Popular destinations include, but are certainly not limited to, Indianapolis, Panama City Beach and Lake Arrowhead. Now that you’re caught up on the ins and outs of renting and buying townhouses, your dream house is even closer to becoming your reality. Where will you start looking?