What Makes Condos So Desirable, Anyway?
When you're on the hunt for your next home, it's critical to know your options. One option is a condominium. Condos differentiate from owning your own piece of property; it reaps many benefits. So, what makes them so desirable?
Condos Require Less Upkeep
According to Gobankingrates.com, the average cost to maintain an average American home in 2015 was $1,126 per month. It's no wonder why one of the top reasons individuals choose condos is because this type of home requires less upkeep. Owning a condo means no more pulling pesky weeds or mowing the lawn, which makes it ideal for people who have busy careers or those who simply prefer not to manage the upkeep.
More Bang for Your Buck
Buying a 3,000 square foot house is not the same as purchasing a condo that is 3,000 square feet. A house that big is typically going to come with a hefty price tag. For individuals who have considered purchasing that large of a home but simply couldn't afford it, they could potentially get the same amount of square feet with a price range within their budget when they consider a condo.
Tax Advantages and Equity
Financial advantages come with purchasing a condo. There is more of an opportunity to take advantage of tax deductions and build equity for property taxes and mortgage interest. According to The Real Estate Journal, prices of condos typically appreciate at a slower rate than a single family home, which makes condos more affordable in a market where prices are rising.
Amenities
Most often, condominium developments provide access to desirable amenities that wouldn't be affordable or practical for an individual house owner. Between fitness facilities, tennis courts, swimming pools, golf courses, clubhouses, and possibly even a beach front property – these all can be more affordable when share by multiple owners, rather than by a single property owner. The amenities are all maintained and unlike having your own personal property and providing upkeep to your own amenities, you don't have to lift a finger; however, you can have all the fun you want.
The bottom line is that it's not all about the money; condos are a very attractive option to choose. They are usually in a desirable location, such as in a ski town or by the waterfront. Whether you are looking to move to your forever home, invest, or have a vacation home, a condo is suitable for almost everyone.
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