Financial Benefits of Owning a Condo

Couple buyting a Condo
Two people discussing about buying a Condo

Owning a condo is generally a though for buying a new home ownership. And trust me there are many reasons and benefits that it can financially prepare yourself for the demand of owning a home later on. Frankly speaking, owning a condo is beneficial because it is less expensive as compared to the single family properties available in the market. Well, by owning a condo and maintaining it first, you can easily set yourself up for owning your next single family property with ease. Here is the list of benefits a person can financially get by owning a condo on their own.

Benefits of owning a condo:

  • The first time home owner buyers in particular criteria have a challenge when it comes for putting up with the down payment criteria. But when you’re planning of owning a condo, the rate of down payment is lower as compared to the single family properties.
  • Frankly, they might not have any previous property for supplying them with the income for paying this amount, and may of the home owners are young at the earlier stage of their careers. So, it leads in opting for owning a condo that results in low down payment requirement that they can easily afford.
  • And on the other side, an old couple looking for a property with lower down payment rates is also beneficial by owning a condo. According to the market research, the sale value of a condo would defiantly appreciate in future due to its desirability and improvements of any general condo building.
  • As a result, condos in small building are less likely to get affected die to the bubble of the growth rate. Even, the large condo properties also helps in laying better property sale vale, but if only when there are not many of the other units are meant for selling.
  • Trust me; you’ll be rewarded with more competitive and high rate of return market while panning for owning a condo. When selling a condo you own, you’ll be available with higher rate of return because of the upcoming and increasing demand of condos in the market.
  • I know, you do might need to pay home owner’s association fees for receiving as many benefits of owning a condo, but these fees only represents the fraction amount of the cost of your total amount of benefits.
  • There are thousands of financial benefits home owners can enjoy by just paying some amount of dollars more to the association. Financially, the benefits and amenities offered by many of the condo building association is a great deal of bargain for the home owners.
  • The cost of maintaining and cleaning a small property is much lower as compared to maintaining a large property. Even, for large sized condos, you’re not going to pay for the driveways, windows and rooftop. While, these type of costs do occur when you’re opting for single family properties.
  • It is considerably less expensive to clean, cool, heat and furnish a condo than a large property. It helps in keeping an intact towards your saving ratio.

Things To Know About Home Inspection

Things to know about Home inspection
Things to consider about Home inspection

Home inspection is the part of home buying process. It is very essential for the new home buyers. Undergoing home inspection will give you more knowledge about your home. This will make you more informed about your home and you will be able to advocate in a better manner with your agent. Here are some of the facts which you must be aware about home inspection.

  • These are optional

Those who are not very much familiar with the field of real estate would think that home inspection is a compulsory step which is totally wrong. The fact that home in section is compulsory have emerged in the mind of people because of TV and reality shows but it is not so. It is not the case every time that there would be some issue in general in the home and you will have to undergo home inspection. You can take your own call whether the home is in such condition that it should have inspection or you think it is fine and can be bought without it. It totally depends upon the buyer as to which part of the house he wants to get inspected if he wants any. Home inspection is great; there is nothing bad about it as it will give you fair idea about the condition of the home and any existing flaws in it. It will also enable you to negotiate with the seller if there is any future repair cost or replacement cost. In general it will give your idea whether you are fine with handling this property or not. However beneficial it is, home inspection is not compulsory and you can decide what to do.

  • Buyers are liable for inspection

Many of the times, the new buyers don’t realize that they are the one are responsible for home inspection. Buyers are the one who have live in the home and if there is any issue they are the one who have to suffer. Hence buyers must take the charge and call a home inspector. You must not keep this task for last minute. Leave yourself with sufficient time after you bring the contractor and he shows the result. You cannot take instant decision after undergoing home inspection. You need some time to sit and think the condition and then take the final decision, Thus, conduct your home inspection after consider this time.

  • Hire a certified inspector

Home inspection is important but the home inspector you choose is also very important. He is one on whose decision you are going to rely. If you are thinking that contractor and home inspector are same then you are totally wrong. Contractor is one who is hired for repairing the existing issues while inspector is trained for finding out the home related issues. However the inspector you choose for your home inspection should be reliable and trustworthy and should be certified. Every area has some local rules and limitation and your inspector should be one complying with them adequately.