There has been a growing trend over the last decade or so of people opting in condominiums. There are several benefits to living in condos for rent or purchase that make them much more appealing than purchasing a more traditional single-family house or renting an apartment. The following are some of the biggest advantages of moving into a condominium complex.
Lower Price and Great Value
The price of both a house or condominium can vary quite a bit. It depends on many factors such as the size of the property, the market, the cost of living where the home is located, and the direction the property values are trending where you wish to move. However, despite price variability, condos typically are less expensive than single family homes. This is due to their generally having less square footage and/or fewer bedrooms.
The reduced price can be especially true for condos by the beach or near ski resorts. In places where people flock for vacation, a house could cost up to 50% more than a condo.
Also, research has shown that if you own a condo, their value has increased more than homes have over the last several years. This may not always be the case depending on the market, and you will have to factor in any monthly HOA fees, which will occur during the duration of your ownership of a condo. Even with these fees included though, most condos are still usually less expensive than a home of similar size.
Reduced Cost of Maintenance
One of the best perks of buying a condo is that they tend to not cost as much for maintenance than a house would. Monthly condo fees are generally used to cover the costs of maintenance and repair, general upkeep of the buildings in the complex, and landscaping. Some condominium complexes have been known to use the fees they collect to cover some of the less expensive utilities like water, trash, and even the cable and internet.
Homeowners on the other hand have to pay for any repairs to their roof, exterior walls and siding as well as having to handle the landscaping. All of these can be costly and time-consuming endeavors.
The ease of living in condos can be an added bonus for the elderly, disabled and seasonal residents. They won’t have to deal with physically difficult tasks like shoveling snow or mowing the yard.
Amenities and Sense of Community
Many condo complexes will have added amenities like a pool, gym, covered parking, and a social space. These are amenities that residents can use, but they could be prohibitively expensive to have if you were to live in a detached home. Many condo units will already have a washing machine and dryer as well, which can save you a couple thousand dollars over time.
Public spaces like the pool, gym and clubhouse are great for meetings your new neighbors. These spaces will foster a sense of community that you don’t always have when you live in a residential neighborhood full of single-family homes. An added benefit to getting to know your neighbors is that they will notice when someone who doesn’t live there is wandering around the property. This can reduce the chances of any crimes being committed.
Moving into a condo can be a great idea for some people. With the lower overall costs of condos, the sense of being part of a community, and the many amenities they provide, it is understandable why more people are moving into condominiums. Just remember to do your research into all the costs, rules and regulations of a condo complex so that you are sure it is the right option.