Financial Advantages of Condo Ownership

Financial Advantages of Condo Ownership

Condominiums have been rising in popularity over the past few years and it is not surprising why with so many different financial benefits associated with this type of real estate it appeals to a very wide market. Within this article we are going to outline several of the financial advantages to owning a condo. Hopefully this will provide you with an opportunity to see a different side of real estate today and you can begin to learn how to make real estate work for you.

One of the most obvious benefits of owning a condo is the incredible low down payment required. This is a definite advantage to note if you are a first time buyer or a retiree trying to relocate to a more convenient location. No matter what your current financial situation you more than likely can afford a down payment on a condo in your chosen location. First time home buyers are flocking to the condo market because of this low down payment. It makes it more affordable to own your own home for a fraction of what you would pay for a single family detached dwelling.

Next, as the owner of a condo you have the opportunity to live within the condo yourself or rent it for a profit while you are not there. Whether this condo is a second home to you or purely an investment property you will find it to be a very successful real estate venture. Many people choose to utilize their condo for two to three months out of the year and sublet for the rest of the year making a profit on their purchase. This is also a great way to build up equity. By choosing to live within the condo you eliminate additional house payments from a second home and you can live comfortably knowing the price of your condo is only going to increase over the years.

Most people find renting a condo to be far superior to renting an apartment because of all the amenities such as: weight-room, common areas, tennis courts, games room, swimming pool and so on. The majority of people could never have all these amenities within their home but you get them with a condo purchase! You enjoy all these amenities and only have to pay a small maintenance fee each month. This fee includes maintenance of these common areas as well as snow removal, grass cutting, gardening etc. What this means for you or your tenant is that you have no chores or maintenance to take care of yourself making it a relaxing place to live.

No matter where you live in the world today you will find condominium projects going up rapidly. More and more people are choosing this less complicated way of life versus traditional residential homes and loving every second of it! Whether you are buying an already built condo or buying in at the pre-construction phase you are going to save a great deal owning this condo allowing you to save for a larger home in the future or simply save funds for travel and fun!