Condos are some of the best investments for people that are new home buyers, that want to purchase another property, or those that want to sell their home and find a new property to love. There are many benefits to investing in a property as opposed to a single-family home or townhome.
Below are some of the many reasons as many as 27% of Americans live in a condo or area with an HOA.
Better for Single People or Couples
Condos are usually smaller spaces than traditional townhomes. However, there are exceptions to the rule, with some condos in the millions of dollars sporting three, even four bedrooms, and over 3000 feet of square space in areas such as New York City.
However, most condos are smaller, allowing single people or couples to enjoy the many luxuries of a home without dealing with constant maintenance from a regular home. For instance, you don’t need to worry about regular home maintenance issues such as:
- Cleaning your porch
- Cleaning your backyard
- Cleaning your front yard
- Ensuring your garage is clean and secure
- Ensuring your windows are secure
When you live in a condo, these maintenance routines are all taken care of by your local HOA, which is responsible for cleaning your condo’s property.
If you live alone, with a partner, or even with a small family, condos allow you to focus on making the most out of your time with your partner instead of drowning in home maintenance projects.
Have Amazing Views
Many condos are also located in major metropolitan areas, allowing owners to have some of the best views. For instance, some Condos St. Louis-based offers have amazing views of the surrounding skyline.
Amazing views from high up in your condo can add an air of luxury, allowing you to feel relaxed and enjoy your time living in your condo. Views can also add to the value of a property. An unobstructed view allows you to add anywhere between 5% to 10% to your property’s value.
It can be difficult to find a home that has an unobstructed view. However, you won’t have that problem when shopping for a condo.
Condos are also fairly cheaper than regular townhomes or single-family homes. Many people want to own their own property as soon as possible. Owning a property allows people to start paying themselves instead of paying a landlord.
Unfortunately, saving up for a single-family home can take quite some time to accomplish, leaving people struggling to find new opportunities to invest as the market continues to dry up. It’s always a good idea to invest in a property as early as possible, and condos make great investment opportunities.
Good For Rentals
If you already have a home and want to purchase a rental property, condos are some of the best choices. As mentioned earlier, many condos pack a lovely view, are cheaper to rent, and can be used for single people, small families, or couples.
If you want to purchase a property that you can use as a rental or vacation property, consider buying a condo. You won’t need to save up as much money as you would for a traditional home. You can also enjoy being part of the $1.8 billion AirBnB market, or use another rental hosting site.
Condos might not be as spacious as traditional homes, and you might lose out on certain features like backyards. However, condos can help people gain an investment property they love and help them make passive income!