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.
Many of us might still not be used to the concept of a condo or rather a condominium. When a part of a real estate is individually owned and other parts of the property like hallway, exterior portions and elevators have common rights, such a housing tenure is known as a condo. Here you buy just a part of the property and share the rest of the property with co-residents. It is a much more rational form of owning a real estate in the present world.
Now before buying a condo certain things must be kept in mind. The stability and the longevity of the building should be the first thing to be noticed. Security measures needs to be carefully checked as you need to feel secured about the place you would be residing in. What also must be checked is the availability of parking space. You should also gather information about the co-residents and the common property rights before investing money in a condo.
Investing in real estate is one of the wisest investment decisions that you can ever make. Some of the homes that are bringing real estate investors lots of money are condominiums. Investing in condos is a good idea because they have become very popular among many city dwellers. In other words, condos are in high demand, more than any other type of housing.
Condos are good to invest in because they have a high appreciation rate. Therefore, when you get yourself a condo for renting purposes, you will be making more money that you have ever imagines kin a short while. Condos are good to invest in because they require only low maintenance. If you are a first time real estate investor, you should consider investing in real estate because this is where the money is. The returns that you will enjoy from your condo investment are worth many times more than what you spent to get the condo.
Condominiums are fast turning out to be fads and in lack of further land space, they are turning out as noticeable high-rises. An owner has got to play in accordance with certain rules and responsibilities. All the non-structural partitions fall within his ambit. Windows, doors and drippings around them also fall within his compass.
All the electric and television cable lines are his responsibility. Ex-partition service lines also fall within his area of onus. It is also an owner’s responsibility to shut off the main valve tap if he is away for more than 6 days. This is to protect against any water wastage.
Fire safety is a major concern and hence locked doors at second floor penthouses are recommended against. In the event of doing so, pre-permit from the area head is necessary. Residents are also advised against putting posters unless confirmed by the Board of Directors.
Beach condos are a rising concept. It offers all the three opportunities to a buyer. It can be used for living. It can be used for buy to let mortgage purpose and then, it can also be used for the reason of timesharing. The first one is a dream of an owner. Beach condos filled with all possible modern day amenities and a proximal beach are like a dream unfolding in front of one’s eyes.
Buy to let mortgages are on a rise. People love living near beaches if they can afford it. Those living in your condominium would pay you enough rent to account for your monthly mortgage payments. This one is a nice way of building asset.
You can also tie up with a nearby hospitality group for giving out your condo in timesharing capacity. It can help you in covering the expenses of repair and a part of mortgage. Beach condos are viable for the purpose of timesharing as tourists flank near a beach.
A condo or a condominium is a very popular way of investing money in real estate. Not only are they better off than their fellow constructions in terms of providing modern amenities and layout, but they are also spread over larger areas. Condos are used for buy to let mortgages and also for the purpose of letting out on timesharing basis.
You must mull over certain things before buying a high-rise condo. Is the high-rise in adherence to the government stipulation and would not create legal issues in the future? How has the promoter performed with the after-sale services? This can be gauged through references and testimonials.
Also get to know the list of amenities both in terms of your condo and the condominium unit. Good ones have gourmet kitchen, extended lobbies and spaced out acreage for rooms and swimming pools, community set-ups, playfield, gymnasium and spas for the unit.