More and more people are enticed to purchase a condominium unit instead of renting an apartment or buying a house. While condos vary in layouts and design, there are several factors why people like the appeal of condominium living. These are seven reasons why purchasing a condo would be a great investment for you:
Improved Security
One of the biggest selling points of condominiums is the security of the whole complex. Worldwide statistics support that condominiums are less likely to have break-ins and criminal activity than houses. This is because condominium owners take security very seriously.
Usually, condominiums work with security agencies to prevent criminal elements from entering the building. These agencies send security guards to man the entrances and floors. The guards are usually equipped with hotlines to the fire department and local police office should they see anything suspicious.
It is also common for condominiums to have top-notch security devices. These include closed-circuit television (CCTV), burglar alarms, and secured keypads.
Another reason condominium units are safer is the number of people living there. Even when you are not around, there is a big chance that the other condo owners will notice if there is a potential break-in.
Relaxed Lifestyle
Most property buyers like condominium units as they enable them to live a “lock-up-and-go” lifestyle. It gives you the freedom that house and lot owners can only dream of.
If you are an avid traveler, you are less likely to worry about your home if you live in a condominium unit. You can spend months outside the country without concern about burglars or stray animals.
Cost-Effectiveness Of The Property
If you buy a house for the first time, you should probably be turned off because you may have to engage in a bidding war for a property. Bidding only raises the price of the house, which you do not want. Condominiums are a great option if you want to avoid that.
While people go on bidding wars for condominium units at times, these situations are scarce. This is because there are enough units to accommodate almost everyone.
Condominiums are also much cheaper compared to big houses. You can pay it off in less than 20 years, even at a fraction of the monthly payments for a home and lot.
Home Ownership
While most condominium buildings have limitations for unit owners, the people living in them still enjoy more or less the same benefits of homeownership as those who have house and lot arrangements.
Unit owners are free to live in the condominium. Generally speaking, they are also free to improve their unit. They can even have it rented if they want to have additional income.
Little To No Yard Work
If you have no patience for yard work, condominium living suits you. Since all the tenants pay for maintenance work, you do not have to lift a finger. You will be assured that the maintenance of the whole building will be taken care of.
Reduced Operating Costs
The water bill and building insurance are usually included in the condominium fee for most high-rise condominiums. This can mean lesser overall monthly expenses for the condo unit owner.
Additionally, a condo unit also results in a lesser amount for heating expenses. Since the space is smaller than an actual house, the heating machine will not have to work overtime to keep out the cold in the winter.
Strong Sense Of Community
There is a reason why real estate agents say that purchasing a unit in a condominium means you are buying into a community. Because all the condo owners have an equal interest in the property’s welfare, you must participate in decision-making. This can range from restrictions in the units to potential maintenance issues.
Those who have active social lives will enjoy being in a condominium. Since they live close to each other, condo owners are likelier to have a stronger bond than those in a neighborhood. Condominium communities and associations usually hang out with each other through parties and events.
Conclusion
These are some valid reasons why many people buy a condo over renting a house or buying one. If you are from Los Angeles, you can check out condos for sale in Los Angeles. If you are looking for a condo in Santa Monica, here are some cool Santa Monica condos for sale.
Choose the condo that fits your budget and requirements and has the abovementioned advantages. Enjoy living in a condo!
