5 Major Advantages of Buying and Living In a Condo Unit

There are so many benefits of buying and living in a condo unit. However, here, we will discuss five major of them. You will see why condos have become more popular over the last couple of decades.

1. Facilities That You Would Not Otherwise Afford

If you lived in a regular home, you would find it quite expensive to own and manage a swimming pool, tennis court, basketball court and a gym. In fact, it would be impractical to have some of these things.

It is such a good feeling to enjoy doing your most favorite recreational facilities without having to pay too much for them. These facilities, as well as the grounds will always be maintained in top-notch condition. This brings us to the next advantage of living in a condo.

2. Someone Else Does The Hard Maintenance Work

Truth be told, this is the reason why many people move to condo communities. When you live in a condo, you pay HOA fees and in return you get many services. One of them is that all the recreational facilities, the grounds and even the exterior repairs of your condo are done for you.

Condo residents neither have to take care of the gardens nor mow the lawns. The management takes care of all those things for a fee. This is a huge relief because you will pay a small fee since it is a collective fund. It is cheaper than what detached homeowners pay for gardening and lawn care.

3. There is more security for residents

Assuming you are one of those people whose jobs involve a lot of movement and traveling, a condo lifestyle will be perfect for you. For any stranger to gain access to any of the condo units, they must be cleared by security or they must pass through the front gate. This makes condos safe from burglars and vandals.

It is possible to travel for months at a time and still find your home intact just the way you left it. Besides, since you practically share exterior walls with other families, it is always easy for an intruder to be spotted easily.

4. It is a good investment

A condo can make a good investment. You can buy a unit and rent it out, thus helping pay off the loan. You can even buy a condo and hold onto it for several years and then sell it when the price is right.

To make a good profit, you need to buy your condo in a good place with good future prospects. A real estate agent can help you know what place has planned development projects for the future that could lead to a higher appreciation of property prices.

If you have a beachfront condo, you can make good rental income during the summer. You may also advertise your condo on platforms like AirBnB if it is allowed.

5. The benefit of equity and tax deductions

When you buy a condo, you can make deductions for the interest on mortgage payments and the property taxes. It is much better to buy a condo than to rent as most likely, the monthly rent will be close to the mortgage payment that you would pay when buying.

Conclusion

Buying a condo enables you to build your equity as you make monthly payments towards your down payment. By the time you are a number of years into the payments, you will have built some good equity. If you are from Los Angeles, you can find some of the best real estate agents Los Angeles to offer you best condo deals. Say for example, if you want to live around Venice beach, Los Angeles, you can look out for some of the best condos for sale Venice. Have the above-mentioned benefits owning a new condo in 2019!