Condos have become an increasingly attractive home ownership option for many people. Whether you're a young couple looking for affordable housing, or a retired couple wanting to downsize because their kids have moved out, there is likely a condo for sale to fit your needs. A condo is a viable option for anyone who wants to own a home without the worry of repairs, maintenance and dreaded chores like snow shovelling. Condos require little work, and are maintained by the association, so the condo owner does not have to be concerned with certain maintenance activities.
As well, many people are turning away from the single-family home market and becoming more interested in the condominium market. There are three main reasons why condos are gaining such popularity: they are economical, convenient, and easy to maintain.
1. Economical. In general, condos cost less than traditional single-family homes. Some experts estimate condos are as much as 20 percent cheaper than their single-family home counterparts. Within recent years, such value has given a real boost to condominium sales.
Condominiums will increase your buying power. Condos usually sell for 20 to 30 percent less than similar detached homes, so it is an ideal option for a first time buyer with a limited budget. You will have all the luxury of owning your own home, but will be able to share the cost of upkeep on the building. For most buyers the choice is to buy a condo that meets their living needs or continue to rent.
Condominiums usually cost less to maintain than detached homes. The replacement cost of a high rise roof may be more in absolute terms than replacing the roof of a detached single-family home, but the cost per owner should be less. Depending on the cost of the repair, there should be enough money from the association fees that can cover the repair without any additional cost.
2. Convenience. Condo living can be extremely convenient. Typically, condos are strategically built near the heart of a city, where most business and entertainment establishments are located. People are choosing to forego the commute required by suburban living, opting instead to centre themselves in the city. By avoiding a long drive or train ride into work, condo owners enjoy more leisure time and a reduced-stress lifestyle.
Condominiums have amenities that some people could not otherwise afford, such as swimming pools or tennis courts, their own community centre with exercise rooms and much more.
3. Easy to maintain. Condos are also popular because they require little effort toward maintenance. Homeowners know that they are responsible for all of the upkeep and repairs that are associated with keeping a house in good shape. On the other hand, condo owners typically don't have to worry so much about matters of upkeep or liability. Condos are typically managed by a board that makes decisions regarding repairs and other maintenance issues. With condos, taking care of your property is a very hands-off experience that usually involves the periodic paying of fees and the choice to participate, if desired, in regularly-scheduled, condominium board meetings.
Condominiums are ideal homes for first-time buyers, small families or people without children, retired couples and vacationers. While a condo can be the first step on the ownership ladder, it is often a good stand-alone investment in real estate. If the above qualities are appealing to you, you should learn more about the Condo market in your area.
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