If you are in the market for a new residence, you are probably looking for a nice condo or single-family home. A condominium is a single or multi-roomed residence that is connected physically to other dwellings. Apartments are very similar, though all apartments in a complex will be owned by one individual, corporation, or entity. A condominium complex could have 15 condos connected but all owned by different entities. All individuals and families have different needs at different times, but there are many reasons why a condo could be exactly what you and your family needs right now.
Low Maintenance
Anyone who has owned a single family home before knows the headache that can come from keeping up with the maintenance, both internally and externally. As a condo owner, there is a condominium property and grounds crew that will take care of the external upkeep of your house. This is paid for by your condo fees. Some people think that condo fees are a big turn off for owning a condominium. However, this money would have been paid with sweat and dollars if you were taking care of it yourself. Think of it; you never have to shovel snow, rake leaves, pull weeds, mow grass, or trim trees. Nor would you need the tools to complete these tasks. Internally plumbing and sewage problems will also be taken care of with your condo fees, saving you money and headaches.
Lower Property Taxes
Since the plot of land your property is on will likely be a bit smaller than a single-family home, you will also save money on your property taxes.
Lower Cost
In addition to the aforementioned examples, the cost of your condo overall is also cheaper than if you bought a home. That means you will save money upfront, during the time you own the condo, and you will have built equity through the process. Condos cannot be beat!
There is much to be gained by getting a condo. If you are part of a growing family, this may not be your dream home, but it can save you the money to buy your dream home someday. If you are older and ready to settle down, you will love having your own space without having to care for all of the exterior. If you are somewhere in-between these two groups, build equity for yourself instead of throwing your money down the tube each month with rent. You won't regret it.
Share22 November 2019
Once I paid of the mortgage on my house, I decided I wanted to buy an investment property. I had no idea that the buying process would be different, but it really was. There were so many things to consider that I hadn't thought about, and even the loan application process was different. It occurred to me that if I didn't know about it, others likely didn't either. I built this site to help others see what I went through buying my first investment home. I hope that it helps you to approach the process with more confidence and understanding.
