1. Accessibility
Acquiring condos, it seems, is the latest trend in
homeowners’ market. The idea appeals to all singles and newlyweds. Condos are
ideal for small families. People who live and work in urban areas prefer condos
due to their easy accessibility and proximity to commercial areas. This makes
it easier for condo owners to commute to their work. Having shopping malls,
schools, hospitals and entertainment areas close to their condos ensures
hassle-free living for all condo owners.
2. Luxury
Condos are often overlooked for their comfort and luxury
factor. Small condominiums offer several perks that make up for a comfortable
and luxurious life. These include fitness rooms, swimming pools, community
gyms, in-built parks and sky lounges. With a condo, you need not worry about
commuting time, repairing fixtures or looking after your garden. Many condos
allow homeowners to keep pets.
3. Reselling
Affordable condos are quicker to sell than luxury homes. If
an owner wants to sell or re-sell his/her condo, there is a chance that it will
sell out much faster than any nearby home would sell. This is because the
amenities that come with a condo are too good to ignore. A condo’s best selling
feature is its location. Condos are very close to city hubs and primary
business and commercial areas.
4. Personal Preferences
The central location of a condo is important for two
reasons. Firstly, it allows young working adults to catch a train/taxi to their
office. Secondly, its close proximity to schools and hospitals make it ideal to
raise a family. For those who hate driving to work and navigating through
traffic congestions, buying a condo at a walking distance from their workplace
is the best idea. Even if the condo is at a distance, you can always catch the
subway to work.
5. Investment Benefits
Condos keep increasing in value in the longer run. This has
two benefits for the owner. Firstly, they can buy a condo and re-sell it within
a short time to earn capital gains. Secondly, they can rent out their condos
and earn a fixed monthly rent- which they can adjust with the rising property
value. Condos are also ideal for sharing. This means that if you and your
friends are traveling from out of town and need a place to stay in the city,
you can easily share a condo and divide rent among each other.
6. Marriage
For many buyers, buying a condo is the next logical step
after marriage. Many of the newly married couples belong to the working class
millennials, where both partners have jobs. Condos are relatively cheaper than
homes. This makes them ideal for all married couples working on average wages. However,
buying a condo has its own pros and cons. It is important to assess your needs
and talk to a real estate agent before making your final decision.
7. Save Money
Owning a condo can help you save money. It gives you certain
tax benefits (depending on your state laws). Renting out a condo ensures
constant cash inflows every month. This makes up for a good short-term
investment strategy. There are certain costs you may have to bear, such as
servicing the heating system in your condo. This means that the benefits of
condo investments are not meant for long term.
8. Market is Good
A quick look at the market will help you decide which
investment is worth it. As more and more young individuals are moving into
condos, the tenancy rate is always high. This high demand means high prices for
apartment complexes and condo projects. It also means an increasing
annual/monthly rental. However, there are certain market risks involved with
renting a condo and certain conditions you will have to fulfill before renting
out your apartment. It is necessary to talk to your real estate agents.
Author: April Lavine is the current Managing Broker of Irvine Residential Living and she has the complete knowledge of homes for sale in Irvine.
Comments
Post a Comment