If you are thinking of owning a home, purchasing a condominium is one of the available accommodation options for you. While single-family home ownership includes the house and the land underneath, condominium ownership only entails the space inside the condo unit and a community area outside the condominium building. This article will reveal to you the advantages of owning a condo.
Benefits of owning a condo
1. Affordable pricing
Purchasing any real estate property requires a specific amount of down payment. For first-time home buyers, owning a condo is the most affordable option because a low down payment is needed compared to the amount required for a single-family house. Furthermore, owning a condo at a popular beach location or ski town might demand one-third or half the amount charged for a single-family home on the same stretch of the beach/ski town. What’s more? Renting a similar apartment will typically cost you the same amount you are paying for the monthly mortgage. It goes without saying that paying to own is more beneficial in the long run than paying to rent.
2. Enhanced security
Many condos offer locked/ gated entries, security professionals for residents, and even doormen. If security is a concern for you or you live alone, owning a condo might be a huge solution to your security worries. Additionally, you are living in proximity with many other people.
3. No maintenance work
One of the huge advantages of owning a condo is that outdoor work is done by other people. They weed the gardens, shovel the sidewalk, clean the pool, cut the grass, fix the roof or handle many other outdoor duties. If you are a first-time homeowner who likes to travel, busy at work, in poor health or you just dislike doing outdoor chores, owning a condo will prove pretty beneficial to you.
91 percent of condos are located in metropolitan areas often within walking distance to restaurants, shopping malls, and other locations of interest.
5. Access to high-class amenities
Most condominium communities offer their residents high-quality amenities like a sauna, a swimming pool, a gym, terraces for barbecues, tennis courts, golf courses, and more. Most of these amenities are out of reach for the average single-family homeowner.
6. Freedom to renovate your apartment
In a rented apartment, you have no say in the way your living space is designed. On the other hand, owning a condo gives you the freedom to change anything within your living space according to your preference.
7. Communal living
Owning a condo offers you a strong sense of community, especially in properties that provide different planned social events like condo meetings for owners. These social events create strong communal bonds between you and your long-term neighbors, resulting in close-knit socialization and engagement. In the case of an emergency, you will have someone close to turn to for help.
Owning a condo is no longer viewed as something for young couples be the early bird by investing in Pinnacle Etobicoke Condos, one of the hottest selling projects in Toronto. In fact, more buyers are finding condos a perfect fit in the recent years as a result of the resurgence in urban living. What’s more? You can also opt to rent out your condo at a competitive rate for favorable profit returns.