Whether as a home for you and your family, or as a way to grow your money, there are plenty of reasons to invest in a condominium. Condominiums are the perfect opportunity to invest in the real estate property market and get the chance to make a profit from the rising value of property, without forcing a commitment and financial burden upon you that comes with taking ownership of homes and houses.
Condominiums carry numerous benefits – each one of them making them the superior real estate choice for some people – but to start you off, here’s just five simple, straightforward reasons why you should think about putting your money towards a condominium.
When it comes to security, you can’t do much better than a condo. When you choose a popular condominium agents like Property Guru – no matter whether it’s a studio apartment, or a fully-fledged penthouse – you will get access to the benefits of full-time security guards, a dedicated security system, and a safe neighborhood.
While gated communities offer some of the same perks, they do not offer the same level of commitment to safety as a condominium within the same price range. On one hand, this is an attractive perk for people choosing to live in condominiums, since it can bring them a sense of peace and safety they might not feel in a single-family house off by the shore – but on the property owner’s side, this means another attractive point through which to market your condominium for renting purposes.
They Present More Amenities
Condominiums often come equipped with facilities and amenities that aren’t quite as common or practical among houses in the same price range. The reason is pretty simple – condominiums house a larger amount of people. Thus, condos can come equipped with swimming pools, tennis courts, fitness gyms, and a myriad of other activity centers open to use to owners and tenants.
Depending on whether your condominium complex has many tenants or owners, there can be a tightly-knit community within a condominium complex. Some condominiums offer social programs for owners to come together and get to know each other, and in some ways, the closer space can offer a stronger sense of community than among house property owners.
Location, Location, Location
Condominiums have the added benefit of being affordable even in luxury locations, such as by a beautiful beachfront, or overlooking a mesmerizing winter wonderland. From a ski town to a shore city, a condominium in a luxury location costs a fraction of the price you could expect someone to put on a single-family home in the same neighborhood, with the same view.
These kinds of homes go on the market for millions of dollars – whereas you could find a great condominium with a beautiful view of the waves and the ocean for as little as a third of the cost.
One of the biggest price factors in a house are fixed costs, and among those costs is maintenance. Lawns have to be trimmed, plants have to be taken care of, and yards have to be swept. There are copious odd jobs available in a large single-family house, and if you’re buying homes as an investment, then that’s an additional cost to consider for each and every single house.
In a condominium, the cost of property upkeep comes in the price and the monthly condo fees that cover all service and maintenance expenses. The individual owners of a condo aren’t responsible for the building’s upkeep, meaning everything from maintaining a clean pool to keeping the windows clean is the responsibility of the building administrator and the development company behind the complex. This doesn’t just free up your money, but it also frees up a family’s time – making it another attractive price point to consider for tenants.
Insurance may also be a point where you could end up paying less for full coverage, by opting for a packaged “master policy” as pointed out by InsuranceJournal.com.
It’s Easier To Rent Out
Finally, all these benefits converge into the fact that it’s easier to rent out a condominium than it is to rent out a home – especially on a seasonal basis.
Depending on the market conditions, condominiums are also cheaper than their comparative single-family houses, meaning that a tenant can get a bigger bang for their buck by choosing to rent out a condominium. For example, according to the Singaporean Housing and Development Board, the average monthly rental price was $2,300 for a three-room flat in Central. The market for resale has been growing, as well, for the first time in three years according to the resale price index published on the HDB website.