Advantages of Condominium Living
There are many reasons for buying a condo instead of a house. They make great affordable first homes. They also make great "last homes" if you are downsizing from a large family house to a smaller residence.
The many reasons for buying a condo instead of a house include:
- Usually less expensive than buying a similarly sized single-family house.
- Condominiums are often located convenient to centers of employment and shopping.
- Some of the amenities include 24-hour concierge, high-tech security surveillance, recreation and fitness facilities plus the convenience of not having to shovel snow or cut grass.
- Exterior maintenance is the responsibility of the condo homeowner's association.
- The security of leaving your condo for an extended period without worry (called "lock and leave").
- Homeowner tax benefits similar to houses.
- Pride of ownership from being an owner rather than a renter.
- Potential resale profit as the condo appreciates in market value. However, local supply and demand greatly affects this last potential advantage.