Do you want to buy a home, but just don’t have the money for it? Then consider buying a condo. Condos tend to be a lot cheaper than the average home and offer up a lot of great benefits.
So, what are the benefits of buying a condo? Read on to learn more.
What is a Condo?
A condo — short for condominium — is a private residence located in a larger building or community. It’s like an apartment, but you own the property.
Condos often have shared common areas and amenities, like a fitness center, a pool, and hangout spaces. But condo owners have to pay monthly dues, which helps keep these amenities in good condition.
Some condos are attached to other units. Some condos are a part of a larger building. And some are standalone units in a larger community.
1. It’s Cheaper
In general, buying a condo tends to be cheaper than buying a home. This is especially true in large cities or areas located on the beach. In 2018, the average cost of a single-family home was $260,000, while that of a condo was $248,200.
Looking to buy a condo? Consider getting a mortgage broker so that you can get the best deal.
2. There’s Less Maintenance
A huge complaint people have when moving from an apartment to a house is the huge amount of maintenance for which they’re now responsible. Mowing the lawn, gardening, snow blowing…this is a short list of the inconveniences associated with owning a home. Many condos even pay for minor home repairs, too.
This can be particularly beneficial if you like to travel. You can leave your condo for months at a time and not worry about your home being in a state of disrepair upon return.
3. There’s a Strong Sense of Community
Condo complexes have lower turnover than apartment buildings, so you’ll get to know your neighbors. Some condos offer hangout areas, but you may also run into your neighbors while getting the mail or doing your laundry. And, some condo complexes host social events.
4. You’ll Have Easy Access to the City
One of the main benefits of buying a condo is all about location. For the same price as a home, you can live in the center of the city.
Do you dream of biking to work? Or of being able to walk to your favorite hangout spot? It’s much easier to find a condo in walking distance of the city center than it is to find a conveniently located home.
Living close to work can save you a ton of money in gas and a ton of time out of your day. And you’ll get more exercise since you can walk everywhere you want to go. If you buy a condo in an up-and-coming area, your condo will also soon increase in value, making it a great investment.
5. It’s Safer
There’s safety in numbers. Having a lot of neighbors means always having someone to look out for you.
Many condos have gated or locked entries, security professionals, or doorkeepers. This can bring great peace of mind to someone who lives alone — especially if they don’t want to pay for a home security system. The risk of a break-in is much lower because even if your apartment is empty, someone else is likely to be nearby to spot an intruder.
The Bottom Line
In short, when it comes to buying a condo compared to a house, the benefits can result in less of a burden on your finances while still improving your quality of life.
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Frank Ringer says
Good article. The last option is the best option, in my opinion.
Number 4 is my number 1 consideration when purchasing a condo. I want my place near essential places like malls, schools and especially my work. Commuting in the Philippines is one hell of a nightmare so its better if you consider that.
I want to move out of my apartment soon, and I am considering purchasing a condo. I’m going to look for a good real estate agent in my area that can help me buy a condo.
My cousin is thinking about buying a condo so that it will be close to her college and easy to get to her work. She would really like to get some help finding it from a professional. It was interesting to learn about how she will be able to find something that is closer to the city and that can be in the center.
Investing by buying a condominium is a good choice. I do agree with this article that it’s cheap and also is safe, which by the way is very important.
Thank you for sharing those thoughts and experiences. I found the content to be very helpful!