Many envision living in a house when they get older or when they start families. Although, condos have their own unique set of benefits, even for families or other groups of people. Condo living is chic, stylish and comfortable, find below seven more benefits of living in a condo.
1. Extra Amenities
The majority of condos have additional amenities available to the residents, such as pools, party rooms, parking garages and gyms. Condo residents can use these amenities at their leisure without having to worry about maintenance or ownership costs. Of course, the amenities are paid for through the condo fees, but condo residents tend to select condos based on the amenities they want, among other things, so the cost is expected.
Condos usually have security personnel and measures in place too. The level of security depends on the condo, but typically you will have the benefit of a digital lock system and concierge. This makes condo residents feel much safer regardless of whether they live alone or with families.
2. Low Maintenance
Compared to other types of properties, condos are very low maintenance. With a house, you will have to maintain the entire property yourself, including the outdoor and indoor areas.
With a condo, the majority of the maintenance is taken care of, so long as you pay your condo fees. All you need to worry about is your unit which tends to be much smaller than homes making any maintenance relatively simple.
3. Ideal Location
Most condominiums are located in the best regions of the city or town because they are close to work, transit, entertainment and shopping centers. Purchasing a house in these areas tends to be too pricey while condos are more affordable and you don’t sacrifice the benefits of the location.
The location of condominiums is beneficial from a lifestyle standpoint but also from a financial standpoint. The location of real estate is a key factor to consider when making an investment. Condos in desirable locations usually retain or increase in value over time.
Most who live in condos own them, as opposed to rent them, which means that you can alter the space however you’d like. You can paint the walls, renovate and hang up pictures in a condo which most can’t do in a rented space.
There are a variety of condos out there for everyone’s preferences as well. If you’d like a single bedroom, double bedroom, triple bedroom or even a two floor condo, there is one out there for you.
Depending on the location, some condos are more affordable than standalone houses. Usually the cost of monthly mortgage payments and condo fees works out to be the same as the price of rent. However, the benefit with a condo is that you’re making an investment whereas with rent it is merely an expense.
Owning a condo, particularly with families, is not traditional by any means. However, there is a trend towards condo purchases over houses because many people are choosing to live alone and prefer to be in a more convenient location. In addition, it has become a trend in recent years for even families to purchase condos.
7. Community Living
Condo residents have neighbours and people around them at all times within their condominium community. Many appreciate having people around them because it promotes a sense of community and prevents isolation that is common in house dwellings. Many enjoy meeting new people and forming new relationships which is easily achieved in a condo.