Many think a Condo is a great place to invest; real estate investors are more prone to invest in condos than another type of property, and they are pretty much right about the reasons.
Condos are great; they provide exclusive ownership, they are super private, they are also affordable, and they demand less upkeep. Condos are also great if you are a people's person. To understand why condos are such a significant investment here is some guidance.
A condo or condominium is a residential unit in a complex or a multi-unit building. They are a part of a community system. These condos are mostly apartments that have shared walls. You can also buy a semi-detached condo that is like a townhouse; these types of condos are more private. However, all condos share almost the same faculties and amenities. These facilities may include a dog park and a swimming pool, laundry rooms, and parking garages. Some communities may even have spas or gym for the entertainment of their residents.
Condos are of two kinds:
- One that is built as a condo
- Other that is converted in a condo
Both of these may look similar, but they have a lot of differences. The condos that are born and built as condos are better than the converted ones as they have all the facilities one needs in a condo. At the same time, the converted ones aren't too convenient.
Both the type of condos has a lot of common areas like picnic benches, BBQ area, sitting area, clubhouses, or community rooms, for the residents to sit and spend time together. However, the converted type is older, lacks a lot of other facilities, and they look like they have been converted, as in the feel cheaper. Such kinds of condos aren't great to invest money in, so make sure you don't put your money in converted condos.
However, condos are great; they are administered and highly maintained. Here are the pros and cons of investing in a condo.
Advantages Of Investing In A Condo:
Exclusive Features And Amenities:
Condos offer exclusive facilities that other residential may not. They are mainly built near inner-city areas or even the high-rise quarters. Almost all condos are made for professionals and generation Z groups who need all the facilities near them. The new-age condos have top-notch facilities; these include clubhouses, common areas, gyms, swimming pools, Spas, etc.
Urban Set up:
Condos, whether built or converted, are mostly in dense areas that have restaurants, bars, café, entertainment areas, cinemas as well as clubs. Most people who opt to live in condos are walk-able and pedestrian-friendly. Hence most of the condo communities have tracks, and the residents love to take a stroll, walk to the cafe or bar and drink to their fill and walk back home.
Security is not an issue when living in a condo. Most condos are equipped with concierge services that have custodians and desk staff that are active 24/7 to accommodate the residents. All of such communities are gated and have security cameras, surveillance, and guards around the clock to keep the residents safe and secure. Apart from that, the neighbors are close by, so that also gives a sense of security. A breach of security gets reported as soon as it happens in a condo community.
Sense of Community:
If you are a people's person, a condo is the best community for you. It has common areas that can be used by all residents. These areas may include gardens, parks, track roads, yards, places for BBQ, playrooms for kids and teenagers. Apart from that, the condo is maintained and headed by a condo association that hosts events and socials for its residents.
It's a great place to live as it gives you a beautiful sense of security. You can bring up your kids in the warmest environment and live among like-minded people.
In contrast with the suburbs, the residents of condominiums live by rules. They accept these rules when buying the property, and they stick by them through and through. Most condo residents respect personal boundaries; they are also less noisy, they abide by rules, and they don't hold unhinged parties. The association is pretty strict in condo communities, so any resident who isn't following rules can be forced to do so.
The best part of living in a condo is that you don't have to worry about maintenance. If there is a maintenance issue, the association will take care of it. You don't have to worry about broken doors, leaking pipes, or raking leaves. Even the lawns and gardens are maintained by the accusation. These condos have on-site staff that takes care of all.
Disadvantages of Condos:
Unlike other kinds of owned residential properties, a condo offers less flexibility. This means you can't get repairs and renovations done as freely as you please. Most of the condos are built with a theme in mind, and you can remodel it out of that theme; even for a minute repair, you will need to get the permission of the association.
The permission isn't only limited to repairing; you will also need permission to sell your condo, which makes investing condo a very high risk. The condo association boosts their quality of building communities. Hence, they are very particular about who they let in their communities. A rigorous vetting precedes admission for anyone who wants to live in a condo. Also, if you aren't keen on loving in your condo and want to rent it out, that will need permission from the association, and most probably, they will not grant this permission.
Since most condos have shared walls, there is little or no privacy. You can hear what's happening in the house next door. Loud TV, loud and noisy kids, and pets can also become the bane of life if you live in a condo community.