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Benefits of a condominium

A condominium accommodates all sorts of people

  • The first time buyers willing to get into the market
  • Investors moving up and down looking for properties
  • Baby boomers who want to downplay their responsibilities.

What makes condominiums is that apart from owning your own unit, you share ownership of land, building and surrounding areas. For a clear illustration on the same, have a look at the Rivercove Residences Showflat. Benefits of a condominium include:

Low maintenance cost

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People living in condos enjoy the advantages of mowing lawn, shovelling snow and cleaning exterior surroundings. The home owners association with the management is normally allocated the task on the owner’s behalf. Thus the owners are relieved of the responsibility of repair and maintenance.

Access to first class amenities at very low cost

Although there exist the association fees which are normally paid for the maintenance of building amenities, the amount is normally low that would you would spend in case you needed your own luxurious amenities like swimming pool, country club or a private gym. With condominiums, one is, therefore, able to access all the first class amenities but at a lower cost.

Easy transfer of ownership of condominium units

Majority of the condos are situated in key locations thus parents mostly find it convenient to live in a central region near the work place and school for their children. That is a practical way to transfer wealth.

Equity and tax advantages. Condominium ownership has two financial advantages over renting.

  • Ability to take advantage of tax reductions for mortgage interest
  • Opportunity to build equity

Freedom to renovate

Where as an apartment you are restricted from redesigning your space, with a condo however you can change everything because it is yours.

Cost

One beautiful thing about paying the mortgage is that you pay the mortgage to own to the condominium. However, in renting, you may be paying the same price but to rent rather than to own which is disadvantageous.

Security

Many condos tend to provide extra security by having locked front entrances, having door men and recruiting security professionals for residents.to those with security issues, condos are the best bet. In case of an emergency due to other peoples close proximity, you can urgently call for help.

It is easy to rent out condo units

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Many employees and students may prefer to rent a condo rather than stay far away from the metropolitan area. It is, therefore, a smart financial move for the condo owners who decide to rent out their properties at competitive rates and get good returns on investment. A condominium is therefore highly beneficial.