Moving from a rented place to your own house is one of the biggest financial investment that one makes in their lives. The decision has a lot of implications on your current and future financial situations. What also makes the decision more difficult is the amount of options that one has available when thinking of buying a home. Of course, the budget plays a big role in all the decision making. The decision is not easy to make, even after you have decided on the budget.
What is the best way to handle a confusing situation? Figure out all your options, weigh their pros and cons, and then take a calculated call. When it comes to buying a house, the first question is whether you want a condominium, a condo townhome, or a free hold. They all come with their own sets of advantages and disadvantages, but the best way to decide is to know exactly what you can expect from all three options. Below, we list some of the benefits you can expect when you decide to buy your first condominium home.
As already mentioned above, your financial situation plays a big role in deciding which of the house option is the best suited for your needs. When it comes to condo townhomes and free hold townhomes, you may often need to give up on the houses you like because the price is just too high. In case of condominiums, you get a lot more options that are spread across a wider price range, so you have a few shortlisted properties to choose from, irrespective of your financial situation.
When you live in our own home, the first thing you want to feel is the feeling of being in a safe and secured place. When it comes to condo townhomes, the community may or may not be gated. Also, outsiders have an easier access to your home. When it comes to free hold homes, you are solely responsible for the security of your home. But when it comes to a condominium, and outsider first has to enter through a secured main entrance, and then through the front door. The condominiums often install CCTV cameras too which deter all unwanted visitors.
If you live in a big city, you pretty well know that the costs of amenities can be pretty substantial. If you are living in the suburbs, you may not have too many options in the first place. If you opt to buy a condominium, you can expect amenities such as a gym area and a swimming pool as part of the property. Some properties also include meeting rooms and party rooms amongst other amenities.
With a condominium, maintaining the home is far easier compared to the other options you have. With a condominium, you are only responsible for maintaining the interiors of the home. All external maintenance and repairs are taken care of by the property managing company. This is not only convenient, but can also save you a lot of money.
5. Return on investment
Condominiums have become a very popular option amongst first time home buyers. Most of the reasons why have already been discussed above. What that means for you as a homeowner is that your property will appreciate at a healthy rate till the time you decide to sell your property.
When living in a condominium, you are bound to run into your neighbours in the elevators and the common areas. This makes sure that you know who your neighbours are and it creates a sense of community that many people enjoy being a part of.
Buying a home is a big decision. Which is why you need to know the advantages of the kind of house you are looking at before making any decisions.