Whether you're looking to move your family to a different location or are looking for your next real estate investment opportunity, you will have a number of opportunities available to you when searching for a new home. In most cases people will go for houses or apartments, as they are considered the more traditional options, but there are a number of advantages associated with buying a condo that are important to keep in mind before making your purchase. Here we will take a look at some of the major benefits so that you are better informed when you make your decision.
Because condos consist of a large number of units, in most cases, it is possible to foster a far superior sense of community spirit in a condo than it would be in your average neighbourhood. This is especially the case in condos where the majority of units are owner-occupied. Because some many of the areas in the condo are shared, you will find that you build relationships with your neighbours much more quickly.
By contrast, a house doesn't allow for the same level of interaction unless you purposefully seek it out. As such, a condo is a great choice for people who consider themselves particularly social and want to get out and meet others.
No Gardening or General Upkeep
Condos will usually be owned by a condo association that has a special board of directors, all of whom are responsible for the general maintenance of the condo development. This means that you will no longer need to worry about maintaining gardens and mowing lawns, as there should be people in place to handle this for you.
You do, of course, have a duty towards maintaining your own unit, but any shared areas of the development come under the jurisdiction of the association and thus they will handle issues related to those areas.
Many condo developments come with a number of different amenities that are made available to you as soon as you make a purchase. This can include the likes of a gym, swimming pool and any other little developments that have been created for the benefit of the people living in the units.
This is ideal for those who want to be able to have everything that they need within easy reach. After all, it can often be demotivating to drive half an hour just to get to the gym. With a condo, you may find that you have one just a short walk away.
While the price of a condo compared to a house is often dependent on the local property market, in many cases you are going to find that it is much cheaper to purchase a condo unit than it would be to buy a home.
As such, a condo is an excellent choice for people who are looking to find a good living space while still keeping within a fixed budget. Anything you give up in terms of living space will often be made up with the amenities that are on offer at the condo.
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Please note the content is not intended to be, legal or investment advice. You should consult a licensed attorney or realtor for advice regarding your individual situation.
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