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6 Persuasive Advantages Of Condo Living
One of the biggest snag with buying a condominium is that a lot of them come with complex ownership structures.
Yet there is no shortage of interest whenever a new development gets ready for a sales launch.
What is it that makes condos such an attractive proposition for households?
You might already have a whole list of benefits with living in a condominium. And if you are not yet convinced with purchasing one, here are some more merit that could finally sway you towards that dream home.
1) Better value
Value is a very subjective term… especially in real estate markets.
But from the sole perspective of numbers, a condominium apartment unit is going to cost less than a house that stands by itself on the basis of livable space in square footage.
For example, less experienced property buyers sometimes make the mistake of thinking that getting a 2,500sf landed house for $500/psf is considerably cheaper than getting a 1,000sf condominium unit at $750/psf.
But if you run down the numbers, the landed house might only have 1,250sf of livable space and priced at $1.25m. While the condominium has 825sf of livable space priced at $750k.
This essentially means that for a landed house, you are paying $1,000 for every square foot of livable space. And for a condo, about $900 for every square foot of livable space.
A homeowner who has a huge budget to burn might find that this small difference is a small issue. But for a family working on a tighter budget, a condominium can be of better value, especially when you take the other advantages listed below into consideration.
Finding comparable recent sales data of condos are generally easier than houses. This gives any potential buyer more dependable data in which to assess the real value of one before purchase.
2) Less costly to maintain
When you are the sole owner of your own house, you are solely responsible for the expenses associated with fixing the roof, plumbing, gardening, etc.
On the other hand, when you have made yourself comfortable in communal living, you are just one owner out of dozens (or sometimes hundreds).
This has great positive implications to your personal finances. Because owners share the costs of upkeeping the property.
While it goes without saying that replacing the roof of a multi-family building would be more expensive than replacing the roof of a single-family house, economies of scale would make it more affordable for every single household.
For example, replacing a roof might cost the same for a house and condo. But the latter would have the expenses divided among the various owners.
Moreover, you won’t have to spend your free time pruning evergreens or digging up weeds unless you want to. The association would have property managers who would hire and manage works required to keep the property in satisfactory condition.
Unless you are filthy-rich, it is unlikely that you will have your own tennis court, basketball court, or gyms, etc, built within the compounds of your own stand-alone house.
These appealing facilities are available in most condominiums… and only accessible to residents in the development.
You are going to save a lot of money from the booking fees you spend on tennis courts, gym memberships, entry charges for swimming pools, etc.
Say goodbye to parking fees too.
The best part is that these facilities are so conveniently located within walking distance from your home… for your exclusive use.
Condominiums have fences and gates with restricted access. This means that only residents holding a key card would be able to enter the premises.
Security guards sit as sentry at the main gate, and they take turns to make rounds around the premises at night.
While the level of security is not comparable to what you would find at the White House, this basic barrier to entry provides protection from intruders that are up to no good.
This simple security and privacy feature is enough to deter a lot of criminals from thinking about committing crimes in a condominium.
Saying that, please do not fully rely on security guards for your safety.
You should also take responsibility for keeping your family member safe by practicing safety protocols and hazard management.
This is a feature that you would either love or hate.
Some people love the fun of belonging in a community. Others loathe it to bits.
But when you are living in a condominium, you can be sure that you would not have as much privacy as living in a private landed house.
You are going to run into neighbors everyday, and they are going to ask about your day or what’s with the noise coming from your apartment late last night.
You will receive invitations to attend community events and join in with festival activities.
Some people might find this annoying. But some will hit the ground running.
If being actively involved in a community is something that appeals to you, you are going to find a lot of opportunities conveniently available in a condominium.
While it is not a given that condominiums are built on great locations, more often than not, you will find that most (if not all) residences in urban city areas are condominiums.
This is because developers and builders have the financial muscle to snap up premium plots of land in city areas to build residences on.
And to maximize their returns, they build as much homes as possible… upwards. Making condominiums a default choice.
If you are a city person, and don’t want to live in a house packed like sardines, the best choice (if your finances permits) is to buy a condo.