If you plan on buying a home, then you should know that there are plenty of options available. Variety is one aspect the real estate market is definitely not lacking in. One of the options you have is buying a condo. This is a great alternative if you want your own place, but can’t quite afford or simply aren’t interested in buying a house.
So, what exactly is a condo?
A condominium is usually defined as a large property complex divided and sold in individual units. What this mean is that you’ll own some parts privately (your residence), but also share ownership with all of the condo’s residents when it comes to certain common areas
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Now that we got that out of the way, let’s take a look at some of the top reasons for buying a condo:
There are plenty of reason why buying a condo might be a better fit compared to buying an apartment or a house, and money is definitely one of them.
Condo prices tend to appreciate at a slower rate than single-family accommodations. This means a condo is a great, affordable alternative on markets where prices are constantly going up.
Owning a condo means you’ll have access to certain desirable amenities that you couldn’t afford otherwise. I’m talking about swimming pools, fitness facilities and even golf courses. That doesn’t sound too bad, does it?
3Great location at a price you can afford
How would you like to own a lakefront condo and wake up every morning to an amazing view? Well, it’s definitely a dream that can come true for you. And the most important part is that you don’t have to empty your savings account to achieve it.
If you’re a sociable, open-minded person always looking to make new friends, then buying a condo could be the best choice for you.
By sharing certain living spaces and amenities with other residents, you’ll be more likely to build strong, lasting friendships with your neighbours.
Living in a condo tends to provide extra security. Besides the usual security features most condos have such as locked front entrances, your neighbours will turn out to be the most efficient alert system. So if anybody suspicious is sniffing around, you can be sure that someone will notice.
6Shared Maintenance Costs
One of the perks of shared ownership is the fact that you’ll be splitting the maintenance bill with the other owners.
Also, you’ll be happy to know you won’t be directly responsible for performing maintenance in the building, common areas or grounds. This gives you more free time to enjoy that amazing lake view I mentioned before.