The real estate market is prone to constant changes and fluctuations, and therefore if you are thinking of buying anything currently, you should take into account several factors. Most people go for houses in calm and peaceful neighborhoods, however, recent surveys show a slight increase in condos all over the States.
Furthermore, condo sales have made up about half a million sales in recent years, as it offers many benefits and advantages over having and owning a single-family house. What are the real benefits, find out in the text below, as we’ll discuss the perks of buying a condo over a house.
Less need for maintenance
One of the reasons making condos so attractive to potential buyers is the low costs of maintenance. As opposed to houses, with condos, all you have to maintain is vacuuming the living room and painting the walls from time to time. With houses, the costs can range from roof repairs and heating to simple renovations like decorating the garden, rearranging the living room, or making an extra room above the garage. Condos have better heat isolation, the fees are lower and you do not have to worry about missing the garbage truck.
Then, there is the exterior, like mowing the lawn, shoveling the snow in mid-December, and making sure the gutters are not clogged. When it comes to insurance, there are chances to make a potential lower fee on insurance on condos rather than houses.
Houses need regular investments over a longer period of time, and home renovations can cost you a trip to Hawaii or the Carrabeins. Those renovations are more often than you might think, as we did not include small renovations like a new kitchen or bathroom.
There are far more possibilities for buying
As mentioned before, the real estate market is constantly changing and so are the prices. However, according to recent estimates, as said, condos are the first choice for many and make up over half a million sales on the real estate market. People go for condos due to the many choices and possibilities. Depending on the district, the area, and how old/new the building is, you can practically find a condo within everyone’s price range, and they usually are at least half the price of a simple single-family home.
Another possibility is the choice abroad; if you happen to travel a lot or happen to visit a particular place abroad and need a permanent place to stay, condos offer a larger prospect than houses. For example, many American businessmen operating in Asia are working with SG Luxury Condo real estate providers based in Singapore, assisting their clients in locating a luxury apartment that provides the highest return for the least amount of money. Many people have witnessed the benefits and advantages of condos, as the low rates and prices make them a perfect choice for temporary visits to the country.
Condos offer a chance to look at a wide range of varieties, you can go for districts closer to the city center, and now you have whole blocks mimicking the suburbs, with small minimalist buildings as opposed to skyscrapers. Especially for people constantly traveling or using the condo for temporary reasons, the likelihood of getting robbed is lower than having a luxury villa or small house in a safe area. This makes them a perfect commodity for the individual who cannot care about such minor details and worries.
A sense of community
Of course, you have a lot more privacy with houses, however, one benefit of condos over houses is the sense of community and belonging. As you share the same hallway, the same entrance, and elevator, the chances of meeting new people and getting close with your neighbors are far higher with condos than with houses.
Also, condos are managed through the HOA, which is a short means homeowner association and represents an organization that makes sure to enforce and realize the rules of living within the building. This offers the chance and possibility of making suggestions and you share the expenses of small repairs and changes made to the building, lowering the overall cost.
With houses, you are carrying all the expenses and do not have, in any suburb, any community association which practically fights for enforcing change and better living conditions in the area. As in condo buildings, everyone shares practically the same space, thus a sense of responsibility is more emphasized.
Though a trivial matter, the views are amazing from any condo as opposed to houses. You may also spend the additional income you have owing to minimal maintenance expenditures in the condo’s interior. You can arrange it according to your own wishes and desires, and as it is legally yours and not rented, you can make as many holes in walls as you prefer. Therefore, the versatility of condos, as opposed to houses, stays unprecedented.
We hope you’ll make the right choice and go for whatever suits your current needs the most.