Many people who are considering buying a condominium feel that it requires different considerations than buying a single-family home. However, the current trend toward downsizing in housing is making the purchase of a condominium a good investment for many buyers. Prices for condominiums are generally lower than for single-family homes, which make them affordable for many people.
No Maintenance Tasks
Condominium-living offers many advantages for individuals who like to spend their leisure time engaged in activities they enjoy, rather than home maintenance tasks. Your homeowner’s association fees not only cover the grounds maintenance, but also paving, painting, roof repair and other large expenditures.
Purchasing a condominium allows you to be in the center of urban activity, with restaurants, shopping, theater, museums and other amenities close at hand. If you enjoy the excitement of urban living, the purchase of a condominium may be a good investment for your needs.
Access to Transportation
A high-rise condominium in an urban setting allows you to have easy access to transportation systems within the community. This ability can save you money on transportation costs, helping to make the purchase a good investment.
Demographics Trending Toward Urban Living
Demographic trends are also helping to make the purchase of condominiums a good investment. Young millennial’s are waiting to get married and purchase homes, which makes turning your urban condominium into a rental a good investment for many people. These young people look for urban amenities and conveniences to fill their housing needs. Similarly, retirees often want to give up their big house in the suburbs in favor of living in an urban area where cultural events, restaurants and shopping venues are close at hand. These trends toward urban living make condominiums a good investment for many areas of the country.
A condominium can offer a good investment opportunity for individuals who understand real estate market forces and willing to do the research to find the right property.