When investing in real estate, you need to be extra careful as it involves a lot of money. Same thing when you are buying a new condominium unit whether for reselling or living in it.
In choosing your condominium, it is not enough that it looks nice and neat or it impressed you the first time you see it. Remember that condominiums are long term investments and to purchase one on impulse is not a good thing to do. To avoid getting yourself into this kind of a mess, here are some pros and cons that you need to look deeper into before you purchase a unit.
Advantages of and Buying a Condo Unit
Condominiums are usually located in areas where single housing units are very expensive due to the high market value of the land. It is usually constructed in the city where single housing units are hard to find.
Buyers, often times prefer condominiums especially in urban areas because of its affordability and accessibility to work.
Living in a condominium lets you avail of the in-house amenities provided by the developer such as a fitness center, tennis courts, swimming pools, sauna, and clubhouse. The use of these amenities could be a great saving to your budget. Having it outside could have caused you more expenses.
Low Maintenance Cost
Though you can avail of many services extended by the condo community, you are not directly responsible for maintaining anything outside your unit. Of course, you need to pay in for maintenance fees but you won’t bother yourself with directly contacting or paying for services you need outside of your unit.
Therefore, it is important to know every fee and charges that you have to pay in addition to the cost of the unit that you are buying. Also inquire if there are other future developments that can affect your monthly payment or any major addition to your monthly payments and amortization.
Size Just Perfect for Single or Couples
Some prefer to buy condo units rather than a single housing unit because of lesser space to maintain or clean. The unit is perfect for a single tenant or a newly-wed couple because of the lesser responsibilities attached to it. Besides, you can just go in and out of your unit without the usual bother of securing-everything-before-you-leave worries when living alone in a single-detached home.
There is quite a big difference in the cost that you will be spending for the same size of a housing unit in a condominium and a single-detached located in the same place. You are most likely to pay more for the single-detached unit while you will be saving more on your expenses when you have a unit in a condominium. This, of course, includes the cost for using the free access to the condominium’s amenities.
However, it is important to know how much you will be paying for the condo community fees before buying the unit so you can be able to compare the cost of the two.
It is typical for condominiums and other real estate housing villages to have a tight security for the safety of all the residents though it can vary in styles. Some may include an entrance with a security code, a security and fully-equipped with cameras. Others are lax with their security. Better inquire from the administration regarding matters relative to security before buying your unit.
Disadvantages of Living in a Condo Unit
While you have the benefits of living in a condominium, these are not free. You need to pay a monthly maintenance fee to the association which is in charge of maintaining the whole building outside of your unit. Such fees are still minimal in comparison to the maintenance and amenities charges when keeping up your own single home.
Limited Value When Resold
If you are buying a condominium for the purpose of reselling it, then you will be a bit dismayed to know that the value of a condominium unit does not appreciate as the rate of a single housing unit. Nonetheless, there’s no guarantee that this will remain the same in the future.
Limited privacy and difficulty in financing are some additional disadvantages of investing in a condominium unit.
Owning and investing in a condominium unit can be a good real estate investment depending on your preference and lifestyle, for more details visit li realestatefinder website. Somehow, it’s always important to consider all the pros and cons before rushing to buy anything of great value!