If you are planning to purchase a new home, you may as well consider buying a condo. Ideally, they are cheaper as compared to single-family homes. Moreover, they provide a lot of conveniences such as fitness centers and swimming pools – which could not otherwise afford. The following are top reasons to purchase a condo:
Why buy a condo?
Condominium developments offer access to various amenities that would not be affordable or practical for a normal homeowner. Golf courses, Clubhouses, tennis courts, swimming pools, strategic location, and fitness facilities are much more affordable when they are shared by many owners.
Several developments provide a strong sense of community particularly those that offer a wide variety of the planned social events. Remember that if the development has a lot of units on the rental program, sense of community is less realized as new individuals come and go on a routine basis. Thus, if the sense of community is quite important to you, ensure you find out the number of units which are owner-occupied.
Although a single family home can be out of reach when situated in a luxurious location, such as the beach or ski town, a condo is a good alternative that offers you the lifestyle you want to enjoy at minimal cost. You should note that single-family homes that are situated at popular beach locations or tourist destinations demand a lot of dollars in prices. However, a condo unit in the same location is likely to go for a third the cost.
Equity and tax advantages
If you want to choose between buying a condo and renting a property, ownership offers two benefits over renting: the ability to enjoy tax advantages and opportunity to build equity. If the monthly mortgage payment is same as rent, it should be financially beneficial to purchase rather than rent.
Some buyers purchase condo units as an investment. They believe that the price of the unit is likely to appreciate over time and they can use it as the source of income. However, condos tend to appreciate at a slower rate as compared to the single-family homes. It would be advisable to capitalize on rental income rather than waiting for the value to shoot up. For example, 8 saint thomas can fetch a lot of money per month during the vacation months. Moreover, condos that are situated at ski resorts can also bring income during the winter months.