When you heard the word ‘condo’, a luxury and extravagant lifestyle might be the concept that pops up on your mind. And although it is true that you can get many amenities by living in a condo, you should know there are still many other benefits. Here, we will discuss the most essential reasons why you should consider living in a condominium unit.
Most condos are constructed in strategic areas. For instance, Precondo in Ontario, Canada, is easily accessible from both the business district and educational institutions there. No other housing type, other than apartments, is as equally affordable as the condos. And if you calculate how much extra money and time you will need if you choose to live in the suburb, you will realize how financially beneficial it is to opt for the condos.
When you live in a condo, security service is a part of the facility. People won’t enter the building unmonitored, and the security staff is usually available for 24/7. In other housing types, this feature will be too costly to realize. Besides, if you are offered with a property that is too good to be true, the first thing you must look for is the crime history of the neighborhood.
Living in a condo is indeed not all about the facilities that you can have, but it is also about the rules that you must follow. However, this limitation is actually a beneficial point if you see it from the investor’s eyes.
First, no excessive modification allowed means that all condo units maintain more or less similar price. And this feature will surely give tenants some sorts of assurance, which explains why condos sell faster than apartments. Second, since the regulation is strong, depreciation is very unlikely. And only unexpected development in the surrounding areas can affect the price of the condos significantly, such as mass relocation of the major companies in the area.
Controlled Maintenance Fees
All types of homeownership require you to allocate some money for maintenance, but condos can offer you with the most controlled expense. Your responsibility will be to pay monthly maintenance fees, and the condominium management will take care of the rest for you. It leaves no room for recklessness or negligence so that you can be free to live your busy life undisturbed.
If you live in a rented one-story house, all the maintenance tasks are your responsibility. And if you are not careful with maintaining the cost, you’ll end up paying more than if you choose to live in condos.
Amenities are not only about luxury. For instance, most condos have gyms, swimming pool, and jogging tracks. These facilities allow you to live a healthy life without having to be concerned with membership and travel costs. If you live in a house or an apartment, you won’t get any of those comforts without a considerable budget. On the other hand, living in condos includes them all!