A condominium or condo is a form of real estate similar to apartments.
Units are owned individually but utilities and responsibilities such as heating, cooling and exterior structures are shared.
There is an association that takes care of all these costs and responsibilities.
Many people are nowadays buying condos instead of single-family homes.
Here are some reasons due to which you should also consider buying them.
Firstly, buying a condo can be very lucrative.
This is because they provide high resale prices and rentals.
In other words, the return on investment is quite good.
However, the resale price and rental that you get on your condo depends on the locality.
Secondly, condos have lower purchase prices than single-family homes.
Thus, you can enjoy the benefits of owning a home without having to pay a very high price.
In addition to the purchase price, the cost of maintenance is also low for condos.
This is because the costs are shared among several people living in the same community.
Thirdly, there are many amenities that can raise the price or rental of your condo.
These include swimming pool, tennis court and gym.
The best thing is that you don't have to worry about their maintenance since it is work of the association.
Moreover, these amenities can be quite beneficial for you even if you plan to live in the condo.
Having them in a single-family home will be quite expensive for most people.
Fourthly, no landscaping and yard work is required to keep your property in shape.
This is because all the landscaping and yard work is handled by the association.
This is quite beneficial for people with a hectic lifestyle and senior citizens.
Besides, a well maintained yard or outer area will also help in raising the price of the condo.
Fifthly, condos are usually located in the heart of major cities.
This means that everything from hospitals to grocery stores will be close by.
This is much better than homes in suburbs, where you have to go miles for even the smallest of errands.
This will be quite beneficial for you if you are buying the condo for living.
Moreover, it will help you get a good resale price.
Finally, condos are considered to be more secure than single-family homes.
This is due to the proximity of neighbors.
Some buildings also have efficient security arrangements like security personnel, security cameras and alarm systems.
So, if you are looking for real-estate that is cheap and does not require a lot of hard work to maintain, then opt for Condos.