The great thing about making investments in real estate is that there are so many different options. But the choice is yours. When you are looking to acquire new property without too much hassle, condos are the way to go. Condos will be simpler to invest in than single-family homes. This is because you are basically buying a managed property, so a lot of the details are handled for you.
Is buying a Condo a good investment? Read on to learn more about condo investments and how and why it is a better investment.
IT IS CHEAPER THAN BUYING A SINGLE FAMILY HOUSE.
Experts say, you will spend less on a condo then buying a single-family detached home. Truliaonline realty marketing and Information Company conducted research and found that condo market values climbed by 38.4 percent compared to single-family detached homes which was 27.9 percent during the same time frame. Condos are less expensive than a house. When buying a condo, consider the amount of the management fees and it will likely still be more affordable than buying a house. This is so because Condo management fees will cover a variety of things. Also, when it comes to investing in a property in the city, condos are always going to be more affordable than detached houses. City condos will be newer than city a house, which means modern interior and better upgrade for less money.
MAINTENANCE AND REPAIR
Maintenance expenses can be unexpected and overwhelming with your traditional home. While with condo development, your monthly fees take care of any maintenance and repair issues that may come up, including problems like communal litter or damage. The fees will cover things like mowing the grass and clearing the snow, so you’ll never have to worry about those things again. Your condo fees pay for a lot more than just maintenance and repair. So in the long run they are more cost-effective than hiring someone to fix a leaky roof in your single-family home. Since condos are fast becoming a smart investment in real estate, you should be able to hit upon the right places. If you are in Canada and you are looking for investing in a condo, Precondo.ca offers a variety of good condos to choose from that will best suit your requirements.
When you invest in a single-family house that is everything you get. But with a condo you get to live within a community, with standard amenities such as pool, gym, clubhouse, etc. These amenities you may not find while investing or purchasing a single-family house. Most Condo developments have underground parking garages or other forms of covered parking, and some come with tennis or volleyball courts, sauna rooms, or full spas. While some can go a little overboard, but nevertheless there is something out there for everyone. Different condos will have different amenities and you get to choose what is important to you when choosing which kind of condo to invest in. While it is true that these amenities are paid for by you as part of your monthly management fee, you end up paying a lot less in maintenance.
LOCATION AND LIFESTYLE .
Condos are generally built in downtown areas, business districts, areas around universities, and otherwise thriving parts of the city. Because of the popularity of the location they are normally built in, condos tend to attract a lot of different types of residents. If you’re getting a condo so you can rent it out, you are more likely to rent it fast to students, busy professionals working and studying in the city. You’re also more likely to always have it rented, as there is a demand for downtown living. A large part of the rental market is focused on the cities. Suburb homeowners struggle with longer travel time between properties, more waiting around to show renters the property, and suburban residents have longer commutes to their city jobs and any other amenities in the city.
Condominiums have a high value in the market, if you intend to buy and have it leased in the long run or put the unit for sale, then you’re up for a good property investment. The capital value of condos increase over time, especially because the areas where they are often located in are highly sought after. Investing in a condo can yield stellar return if done right. Investing in condos is a great way to get some experience in real estate investing, with fewer headaches than single-family home investments. The condo market is dynamic and it will allow you to meet people and make a positive impact in your city.