A condominium accommodates all sorts of people
- The first time buyers willing to get into the market
- Investors moving up and down looking for properties
- Baby boomers who want to downplay their responsibilities.
What makes condominiums is that apart from owning your own unit, you share ownership of land, building and surrounding areas. For a clear illustration on the same, have a look at the Rivercove Residences Showflat. Benefits of a condominium include:
Low maintenance cost
People living in condos enjoy the advantages of mowing lawn, shovelling snow and cleaning exterior surroundings. The home owners association with the management is normally allocated the task on the owner’s behalf. Thus the owners are relieved of the responsibility of repair and maintenance.
Access to first class amenities at very low cost
Although there exist the association fees which are normally paid for the maintenance of building amenities, the amount is normally low that would you would spend in case you needed your own luxurious amenities like swimming pool, country club or a private gym. With condominiums, one is, therefore, able to access all the first class amenities but at a lower cost.
Easy transfer of ownership of condominium units
Majority of the condos are situated in key locations thus parents mostly find it convenient to live in a central region near the work place and school for their children. That is a practical way to transfer wealth.
Equity and tax advantages. Condominium ownership has two financial advantages over renting.
- Ability to take advantage of tax reductions for mortgage interest
- Opportunity to build equity
Freedom to renovate
Where as an apartment you are restricted from redesigning your space, with a condo however you can change everything because it is yours.
Cost
One beautiful thing about paying the mortgage is that you pay the mortgage to own to the condominium. However, in renting, you may be paying the same price but to rent rather than to own which is disadvantageous.
Security
Many condos tend to provide extra security by having locked front entrances, having door men and recruiting security professionals for residents.to those with security issues, condos are the best bet. In case of an emergency due to other peoples close proximity, you can urgently call for help.
It is easy to rent out condo units
Many employees and students may prefer to rent a condo rather than stay far away from the metropolitan area. It is, therefore, a smart financial move for the condo owners who decide to rent out their properties at competitive rates and get good returns on investment. A condominium is therefore highly beneficial.
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it is essential you first look into the geographical location of the development. It is a great idea to consider buying a condo unit in a condo which is near a town, schools, churches, commercial and business centers. A condo which is located near all these facilities gives you a great chance of renting out your condo unit. Most residents would love to live in a place where they can easily access the mentioned facilities.
Some of the owners of the condo s would prefer you pay the actual price at once; some will allow you to pay a deposit and pay the rest of the cash in installments. Choose a paying method that favors you. If you have the cash in hand, then it is good you pay for the condo unit at once since it is cheaper than paying in installments.
Condos are typically constructed in densely populated urban areas that are well served by road and rail network, malls and shopping centers, restaurants, among many other essential amenities. Land values in downtown areas are exorbitantly expensive for the construction of single-family houses making condos ideal for the same. Hence, living in condos will open doors to some events that you can conveniently commute to.
Lenders will always ensure condo buyers get complexes that are economically viable. They will go out of their way in ensuring the complex you are about to buy a sound financial sustainability. Most lenders evaluate the HOA reserve fund and the total units occupied by owners instead of tenants. Similarly, they will also examine if the HOA covers the insurance, and if these standards are not met, they will not lend for a condo there hence ensuring you get the best.