When it comes to buying condos, people have very realistic and positive views. Most of them believe that a condo is hassle-free, has great resold value as well as more privacy and gives exclusive ownership. Condominiums are great, and every real estate investor should think about investing in one sooner than later. They come with less maintenance, very affordable as well as have great amenities. Let’s discuss how lucrative condos are.

Comprehending Condos

The condo is the common name for a condominium. Condos are like townhouses that may or may not have shared walls. Condos are mostly built in communities, and the residents share many amenities like parking or external pool.

Condos are categorized into two types.

Type one: Apartment building made into condos
Type Two: Modeled and built as condos

The most successful are the type that has been conceived and build a model of proper condos. There are mark differences between these two types. The converted ones are old and have been renovated; the modeled one has more amenities and is made with proper ideas. So, if you are looking to buy a condo, go for the latter as that is a better investment than the former.

Here are the pros and cons of buying a condo; these will help you understand whether it’s a good investment or not.

ADVANTAGES

BETTER FEATURES:

Most of the time, condos are conceived in high maintenance areas. They are in the best locations in the city. These areas are always developing and upgrading. This is the reason why these condos are in high demand as they have the best amenities. These condos have brilliants facilities that may include gyms, pools, clubhouses as well as saunas.

CONTEMPORARY SETTING:

Condos are made in a perfect setting; middle of the city or a location that is closets to all the best spots in the city. These spots may include cafes, bars, restaurants as well as all entertainment places. These neighborhoods are great; they are protected as well as people friendly. Take a walk or a jog; no one will bother you for it.

SECURE AREA:

Condos are so great and loved by people as they are in the best areas that have year around security. You get desk staff as well as concierge service. You get a state-of-the-art alarm system security guards to watch your place. For a man with a family to take care of these condos are just perfect.

COMMUNITY LIFE:

Condos are built-in communities, and they have a lot of common areas. These common areas mean that you can socialize with a lot of people in the community. There are yards, and BBQ areas as well as pools and fitness centers where the residents can meet and relax. They are great for communication as well as networking.

MAINTENANCE:

Condos are less up keep because they have the staff to take care of everything, like mowing the lawn or raking the leaves, etc.

Disadvantages:

FLEXIBILITY:

No flexibility is the worst issue of living in the condo. You can hardly do what you want with repairs and renovations. You will have to take all sorts of permissions with the community heads. Even when you are trying to sell, you need permissions and approvals. The price is affected by the neighborhood and how cheap are other places around you.

PRIVACY:

With a separate apartment, you get all the privacy you need. However, in a condo and community, you would have the same amount of privacy. Loud TV, late-night parties, loud pets, there are so many things that will have to go or stay under a limit.

Condos are great, but they come with their own pros and cons. They are good real estate investments, but they are also a lot of work. Make sure you are up for the commitment before getting yourself into one.

If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty.

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