There are several options available when looking for a home to purchase; and most agree that purchasing is better than renting in almost every circumstance. The traditional detached residence may be one of the most popular choices, but purchasing a condominium can be a better option over renting an apartment or buying a more traditional home. There are several different types of condos but most of them look like a regular house or a townhouse. Here are a few of the advantages that are associated with purchasing a condo.
The Advantage of Community
There is a social aspect to owning a condominium. You and your neighbors become a sort of community, and since they are purchasing their condo too it is possible to develop long term relationships with them. There is a sense of shared ownership so there can be quite a bit of socialization between the owners. When you need to go on a business or leisure trip, you can rest easy knowing that there is someone close by who would alert you or the police should anything look out of the normal.
Condo owners do not typically have to mow their lawns, they do not have to clean the gutters or pay landscapers. Usually, the property management company takes care of these sorts of things for the owners. Roofing, house painting and cleaning the pool are not the owner’s responsibility. You will not even have to shovel your own sidewalk in most cases. Living mostly maintenance free is one of the biggest things that appeals to those who choose to purchase a condo.
Easy on the Budget
Most of the time a condominium is much less per square foot than the purchase price of a detached residential home. Condos do have a very wide price range, but they are usually more affordable than single home dwellings of other types. The monthly mortgage is many times much less than what is paid for renting an apartment. Choosing a condo is easier on the budget than most other options. And there is no lease with a property management company. This just means you do not have to make a choice periodically whether you are moving or staying. It’s much more permanent.
Other Financial Advantages
When you pay for a condominium, you are paying a mortgage. This means that the payment will include interest which is tax deductible. Even though the dwelling is a condo, you are still a homeowner which gives you the same advantages as those who own traditional homes. Since you are making a mortgage payment with the hope of one day paying the loan off, you are investing in real estate. If you desire, you can make improvements by different home remodeling projects that can help increase the value of your home. Of course this is to ensure that you make a profit when it comes time to sell it later. Just get a property appraisal before you get it ready to put on the market. This will give you a good idea of how much the improvements were actually worth.