For most buyers, the dream of owning a detached house with a backyard and a garage has long been their real estate dream. However, the escalation in prices of the conventional single-family homes has seen the emergence of a new trend whereby individuals are going for condos in towns and cities across the United States.
Condo units usually give tenants and buyers the individual ownership of the personal apartments as well as communal ownership of all public spaces. And as such, renting or buying condo solely depends on with your personality and how you live your life.
Contrary to the widely perceived belief, renting or buying a condo also has its own share of benefits and drawbacks. However, the following post seeks to highlight the benefits in condos over single-family homes.
Benefits in selecting a condo
A condo is more affordable than a single-family homes found in the same location. Condo owners enjoy a lesser overall cost inclusive of property taxes and monthly mortgage payments unlike their counterparts on the other hand.
Condos are typically constructed in densely populated urban areas that are well served by road and rail network, malls and shopping centers, restaurants, among many other essential amenities. Land values in downtown areas are exorbitantly expensive for the construction of single-family houses making condos ideal for the same. Hence, living in condos will open doors to some events that you can conveniently commute to.
For those with a tight schedule and budget, owning a condo will save you a considerable amount of time and resources as the ground maintenance is exclusively covered in the HOA yard maintenance cost. Similarly, these condos offer amenities that you would otherwise not afford for yourself in single-family houses. Needless to say, condo owners do not have clean pools and assess the hot tub chemicals as they have all been done for them.
Condo complexes are usually fitted with state-of-the-art security equipment that very single-family homes can afford. These complexes are usually have gated entrance and 24-hour security surveillance. Also, due to the sheer nature of proximity to the neighbors, they can also serve as ears and eyes when someone is out of town.
Lenders will always ensure condo buyers get complexes that are economically viable. They will go out of their way in ensuring the complex you are about to buy a sound financial sustainability. Most lenders evaluate the HOA reserve fund and the total units occupied by owners instead of tenants. Similarly, they will also examine if the HOA covers the insurance, and if these standards are not met, they will not lend for a condo there hence ensuring you get the best.
For more info check time and space condo.