House prices seem to be really high these days and this is prompting more folks than ever before to consider whether a condo is the way to go.
Not everyone needs or wants to live in a single-family home or the stress and worry of the upkeep involved in maintaining the house and the yard. According to people like ResortPropertyManagement.com, there are many buyers who are attracted to the flexibility and convenience you can get a condo owner, which is why they choose to downsize and start a new living experience in their condominium instead.
Here are some of the main reasons why you might decide that a condo could suit your lifestyle and budget.
Release equity
If you have reached the position where you have paid off the mortgage on your home, selling your house to buy a less expensive condo, will help to release some equity and give you some cash left over afterwards.
This extra cash could provide a very useful addition to your retirement income and even if you have not yet paid of your mortgage, downsizing will help you to reduce or potentially eliminate your monthly payments.
Investment potential
There is really no definitive answer as to whether your investment in a condo will appreciate more than an investment in a house.
You can find examples of both condo’s and houses making big profits and also suffering slow growth, so the investment potential has to be evaluated on an individual basis.
Take a look at the desirability of the location and what the condo has to offer in terms of amenities and the quality of development. If you plan to stay in your condo for a long time, then you should not be unduly concerned with the ups and downs of the property market in the short term and choose what is right for you, in the expectation that it will hopefully realise its investment potential in the future.
Fees
Owning a condo means that there are regular fees for maintenance costs and insurance.
Take a look at what the charges are before agreeing to buy and work out whether these fees are still much cheaper than if you were paying out to repair and maintain your current property.
You should often find that the cost of owning and maintaining a condo compares favourably with what it costs to own and maintain a house.
Community
Another advantage of living in a condo is the community living that it offers you access to.
You will probably enjoy more regular interaction with your neighbor and this can often be very welcome to lots of would-be residents, especially when they are in retirement and have more time for socializing.
Security
The value of good security should never be underestimated.
Many condo developments offer 24-hour security, which means that you are going to feel safe in your home and you don’t have to worry about watching over your property while you are away on vacation or visiting friends or relatives.
Deciding on whether to go for a condo should involve some careful planning and consideration, but ultimately there are many folks who are really glad they made the move.
Helen Humphrey is a retired real estate salesperson of many years. When she’s not working her gardens, she is writing about the real estate field. You can read her interesting articles on many of today’s websites and blogs.
