A condominium unit is a kind of property ownership where a person owns a single unit in a multi-unit development. Moreover, the unit owners share common areas such as community facilities, hallways, and lobbies.
Here are the top reasons why you should consider buying a condo:
Many features of a condominium unit are attractive to persons exploring different options for owning a home. The units usually provide access to certain sought-after amenities that would be impractical and expensive for individual house owners. Tennis courts, swimming pools, clubhouses, fitness centers, and golf courses are much more affordable when a group of people share them instead of an individual house owner.
Many condo developments offer the owners a strong sense of community: particularly if they offer a variety of planned social events for the unit owners. Some condos boast a big number of units that are occupied by their owners, which allows the neighbors to know each other.
Nevertheless, certain developments have a large number of units on a rental program, meaning that the sense of community is less pronounced because short-term renters are always coming and going.
Many condo developments like Whitehaus Condos offer the owners a strong sense of community.
Equity and tax advantages
If you are deciding whether to rent or purchase property, owning a condo presents two financial benefits over renting: the ability to take advantage of tax deductions for property taxes and mortgage interest as well as the opportunity to build equity. If the mortgage payment per month were about the same as the rent in a certain market, it would be wiser to buy rather than rent.
Whereas a single-family home may be out of reach in luxury locations such as beaches and ski resorts, a condo is a viable alternative, providing owners with the lifestyle they take pleasure in at a fraction of the cost.
Buying or renting a single-family house in a popular beach location might cost millions of dollars. However, owning a condo on the same area could cost a half or third of that price.
You might be interested in buying a condo as a type of investment because you anticipate that the price will appreciate significantly or because you want to rent it out. Some condos tend to appreciate at a slower rate than single-family homes and many people who choose to invest in them prefer to capitalize on their rental potential.
For example, beachfront condominiums could fetch thousands of dollars a week during the summer and ski resort condos could fetch the same amount in the winter.
One of the biggest advantages of owning a condo is that an individual owner is not directly responsible for the maintenance of the building’s common grounds or areas. For most people, this is convenient because it makes time for doing other activities. For others, it is a well-deserved break after many years of performing home maintenance tasks.
Generally, the monthly condo fees usually cover all expenses related to the maintenance and repair of parts of the building not in individual units, central services, and community facilities.
Depending on the market, the price of a condominium unit might be a deciding factor in buying a condo over other types of real estate property. In some areas, houses might be larger and more expensive while condos might be smaller and cheaper. However, this is not true for all markets and buyers need to consider the additional costs of monthly dues.
Are you thinking about buying or investing in condos such as The Atlantic luxury condos? The above reasons should be more than enough to convince you that you are making the right decision.