It is easily observed how condominiums can be great investments. After many years since the first establishments of condominiums, they have been offering great potential advantages to everyone who invested. No doubt why condominiums are popular to real estate investors! Now, you might be wondering what people like about condominium units and how much they usually cost. To get answers, below is the list of things that buyers and owners of condominium units like about condominium units!
1. Low down payment. It is always a challenge for both first time buyers and old buyers to hand a down payment when purchasing a new home, especially for first time buyers. One thing that people like about condominium is that the down payment is low.
Condominiums are perfect for people who are just starting their career because of the low down payment. When you buy a single family unit home, you will be asked for a down payment which is higher than what condominium sellers ask. No wonder why 60% of condominium owners are singles and the rest are young couples and young families!
2. Condominiums are great investments! There’s no denial that condominiums are great investments. They are one good example of a way of building equity. As a owner, you can live on it or have it for rent. Both have financial advantages. If you live in it, you save yourself from paying housing payments (other house), while you live there, you know that your investment is growing because what usually happens is, the value of real estate properties such as condominiums goes up.
Your choice of having it for rent is good. Why? Because renting a condominium is preferred by most people than renting an apartment. This is because of the common areas found in the building of the unit where unit owners could share such as gym, game room, tennis court, gather rooms, swimming pool and more! Not everyone could afford to have a swimming pool of their own, a tennis court of their own, and a gym of their own. Adding these structures to a home is very expensive. But when you live in a condo, you get to enjoy all of these!
3. Low maintenance fees. When you live in a condo, you get to enjoy the Amenities it offers just like what’s been stated in the previous number. And other good news is that you pay maintenance and utility fees which are lower than those other properties fees. This will give you the opportunity to save up and buy an additional property!