There are many reasons why you should buy a condo, just like there are many reasons one should invest in their own home. When clients come to me seeking to buy a condo, they usually are concerned about actual property. There seems to be confusion as to why the condo investment is a good investment. Well, there is one big reason that makes buying a condo a good investment. What is it?
Price! Yes, price. Purchasing a condo is less money and less responsibility than buying a traditional home. The cost of buying a condo versus a house depends on the size of the home, the property values of the neighborhood and the cost of living in the area. Traditionally, clients do spend less on a condo- especially in higher-cost markets where condos can be the only alternative to high-priced, single-family homes. With our tech boom, condos are becoming more affordable options for people seeking to buy their first home or seniors seeking to downsize.
It is also important to know that the cost of your condo mortgage isn’t all that the home will cost you. So while you’re saving money with a less expensive home option, clients have to remember to factor in association dues. These dues can cost anywhere from $100 a month to more than $1,000, depending on the location and whether clients are looking at a luxury or no-frills condominium community. Remember, if a condo has 24-hour gated security and a first-class gym or swimming pool, residents have to help pay for those extras.
So yes, money is the #1 reason to buy a condo. It is a cost-effective way to get into a home that meets both budget and lifestyle needs, as well as for investment purposes.