4 Financial Benefits To Buying A Condo
The first monetary benefit that comes to mind when thinking about condos is obviously their price. Buying a condo is generally less expensive than similar single-family properties. However, price is not the only financial benefit that comes from condo ownership.
Here are 4 other important advantages you should consider when making the decision to invest in a new property:
1. The initial financial requirements are lower
Regardless of its type, size, location or amenities, purchasing a property will require a certain amount of down payment. Condominiums are priced lower than single-family homes, resulting in a lower down payment. This is a great benefit, especially if you're a first-time home buyer.
It never hurts to have some extra cash in your wallet, and the money you could potentially save will help you make the process of buying a condo more affordable.
2. You get access to free amenities
Want a pool? A fully-equipped gym? Well, if you decide to buy a condo, then you can enjoy having access to your desired amenities, at just a small percentage of the price. Many condo associations offer residents first-class facilities that are out of reach for the average homeowner, so this is definitely a benefit you can't ignore.
You will still have to pay certain association fees for the maintenance of the building's amenities, but the fees will be considerable lower compared to the costs of owning a home with both a pool and a gym. Money aside, shared amenities are great when it comes to socializing with your neighbours and making new friends.
3. Low maintenance costs
Buying a condo will help you save money in the long run.
It goes without saying that costs are always lower when it comes to maintaining a smaller property, as opposed to a maintaining a larger property. Keep in mind that it is less expensive to cool, heat, furnish and clean a condo than a large house.
Condo ownership involves sharing the costs of the building amenities with the other residents, which means you'll get to keep more money in your pocket that you can later spend on whatever you want. Also, you won't have to bother with taking care of the roof and landscaping or worry about cleaning the driveway. This will not only help you save money, but also a lot of valuable time.
4. Carefree Living
Too often, buyers tend to focus on the negative side of condo-fees. Buyers feel that those are wasted money, but we must consider these points: condo fees usually include snow-clearing, lawn maintenance, water (hot & cold), building insurance, parking spots, management fees and contributions to the reserve fund. These are all things that a house-owner would have to pay for himself (except management fees), and this makes the condo fees a little more palpable.
Need some help buying a condo?
These are just some of the financial benefits you could enjoy as a condo owner, but I hope there were enough to make you understand that buying a condo in Winnipeg means having a great financial asset you can take advantage of in the long run.
Owning a condo sounds pretty good, but are you ready to take the first step towards owning a place of your own? Then let's get in touch and talk about finding you a condo so you can start enjoying the benefits as soon as possible.
Step-By-Step Guide To Buying A Condo In WinnipegCondos in Winnipeg have become an exceptional value in the past year….
Posted by Winnipeg Home Finder – Bo Kauffmann on Monday, December 14, 2015
About the Publisher
Bo Kauffmann is a residential real estate agent with over 18 yrs experience in helping buyers and sellers achieve their goals. Inducted into the REMAX Hall of Fame in 2010 and receiving the REMAX Lifetime Achievement Award in 2019, Bo has sold over 500 houses and condos in the Greater Winnipeg market. He is an accredited buyer representative (A.B.R.) and a Luxury Home Marketing Specialist.
Bo provides exceptional service to First-Time Home-Buyers, Seniors looking to downsize and Home Sellers of all ages.
He can be reached easily By E-Mail or call/text him Call/Text Here
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Bo Kauffmann
Right now, condos in Winnipeg are a bargain-based investment. Lots to chose from in all price ranges
Kevin M
This might be off topic the but image at the top is a good effect. I am young and i like a house better but it seems that owning a condo for older people is a good thing to do.
Laurie
I think the resale value of condo is very good compare to any other type. So it will be a great ROI in the condos if you are looking for investment. You can also rent it.
Matt R
Free amenities and and low maintenance costs are the main benefits of a condo. Condo is the best option when you want to go with low financial option. Best for me 🙂
Ma. Belen Bermachea
Thanks for these information…. They are really helpful as I have always wanted to buy a condo unit but don’t know the pros and cons. Now that I know, I will be able to look for these benefits that would really benefit me and my family.
Dawna
Since I am getting older and have a rather large house and lawn to take care of, I have considered a condo. I especially like the idea of amenities and low-cost maintenance. I would love to have a pool readily available. The main problem I see, and it’s a personal preference, is I love having my own yard to plant flowers, a garden or having cookouts. I know I won’t be able to keep up my home for many years to come, so it’s a difficult decision.
Cassandra
I would consider condo living when I am older and my children are grown. I would be able to enjoy the freedom of not having a large house to maintain. Condos would offer a great deal of savings also. I could sell my home, and move to a smaller less expensive condo, and have a bit of extra cash to live on during retirement!
Bo Kauffmann
Great point, Cassandra. Condo living is about lifestyle as much as it is about saving.
TJ
Personally, I prefer to live and raise a family in a house with a lawn and a backyard. Perhaps I’m quite traditional in this aspect. Perhaps even nostalgic for mowing and backyard barbecues. For work-purposes however, residing in a condo is a practical choice. Finding a good and affordable one near the workplace may be quite difficult though.
Bo Kauffmann
Thank you TJ…..and yes, condo living is not for everyone….but perfect for some..
Anonymous
Thanks a lot. It was a very informative post as I was planning to buy a condo this year or next along with my wife. This post really increased my information and now have known many financial benefits that I was unware about before.
Evan
This was an interesting read, as I have only recently began researching and looking into buying or renting a place with my gf in the near future. Condos sound affordable for us both, and with the appeal of a gym and pool, it sounds fantastic!
Lawrence
This is a great post that summarizes the many benefits of condo ownership. I have really been debating over getting an apartment or a condo, but now after reading your article I think I am leaning toward condo living mainly due to the cost savings and great amenities!
Bo Kauffmann
Thank you Lawrence. Well, if you like, give me a shout and we can meet and discuss your condo buying options in Winnipeg.