If you’ve never lived in a condominium, you may have found yourself wondering why people would rather buy condominiums rather than purchasing a house. The truth is, there are many people who prefer condos over houses and there are many reasons for that.
First, condos are typically at a lower price than a house. That is often the driving force behind the decision to buy a condo. Purchasing a condominium over a house can be an affordable way to live in a neighbourhood in which the real estate is expensive. You get all the perks of living in the neighbourhood you desire, but without the higher real estate price tag.
Another attractive feature of condominiums is the extra perks that come along with living there. Residents typically enjoy perks like snow removal services, landscaping and lawn care, etc. These can be very attractive to some homebuyers, particularly busy career singles or older adults who don’t want the hassle and responsibility of maintaining a yard.
Condos also offer other kinds of benefits you won’t get from owning a house. Things like indoor pools, fitness centres, event spaces and other extras are common plusses cited in the decision to buy a condo.
There are other financial perks to purchasing a condo besides the lower purchase price. Most of these are associated with the upkeep of the home. When you live in a condo community, you typically won’t be responsible for repairing windows and doors, painting your garage door, or repairing your roof – those things will be the financial burden of the condo association. That can actually save you a lot of money over time, even though you will have to pay condo fees to contribute to these kinds of expenses. When you own your home freehold, you will be responsible for the cost of all repairs and upkeep, which can add up very quickly. If you aren’t a skilled DIYer you’ll have to hire contractors to do the work for you and that can cost you a lot of money.
Finally, it’s usually easier to resell a condo than a house. If you can’t or choose not to sell your unit right away, you can rent it out or lease it. Although it’s true that you can also rent or lease a house, the added extras associated with condo living are very alluring to potential tenants. That could mean that you will have less trouble finding a tenant or even buyer for your condo. It’s much harder to convince someone to lease or rent a property that doesn’t have those extras.
So, it’s pretty easy to see why so many people opt to purchase condominiums rather than a house. It’s not for everyone, but it’s at least an option worth considering if you are in the market for a new abode. Before you make the decision and start your search, do some research online to find out what’s out there.