Most of us dream of owning a home, and that comes with ups and downs. If you’re part of Gen Z like me, chances are you’re not interested in owning a house with a picket fence. Most of us want to live in a crowded city where we can be ourselves without being judged.
Apartments and condos are becoming increasingly popular among young homeowners, especially Gen Z and Millennials. This is because most of us thrive in the city and are attracted to industrial and tightly organized spaces. Most of us grew up watching The Carrie Dairies and How I Met Your Mother or even Friends, and those are our comfort shows.
Like them, we want to live in a crowded city where we can create our memories with our group of friends that is hopefully more diverse than the cast of the aforementioned shows. So, without further ado, let’s dive into this blog and take a look at why you should invest in a condo.
What is a condo?
It is a private unit (a condo) that is located in a community of other units. It’s similar to an apartment complex, but with a condo, everyone owns the unit they currently live in, and they don’t rent it out to the owner of the building. At the same time, all the other owners of a condominium have amenities such as swimming pools, garages, fitness rooms, and other shared areas. Most condos are in high-rise buildings, but you can also find them all over the world. They are a good investment and a cheap summer residence.
1. They come with amenities
One of the main reasons, or at least why I bought a condo, is because it comes with amenities like a swimming pool, gym, playground, and even gardens. For me, this is why they are a great investment. The amenities can also be presented in landed property, and this means that you will have significant space, which you won’t have to maintain as the building covers this.
2. Cost less to maintain
When you invest in a condominium, your responsibilities largely revolve around the upkeep of your condo unit and its interior. The exterior area and most of the common areas inside the condo are the responsibility of the property management, and this is why more and more people are investing in condos instead of apartments.
This, of course, means that this limits the cost that you would otherwise have to pay to maintain a landed property. This means that there are fewer responsibilities on your shoulders, which means it is perfect for you to invest. You also don’t have to worry about pest control, roofing, garbage disposal, structural integrity, and so many aspects that most homeowners have to worry about.
3. They are strategically located
Another reason why you would want to invest in condos is that they are usually strategically placed, and this is why this could mean a high price. They are usually strategically located in city centers. You will have a great return on investment on this one, and this is why more and more people are actually investing in them.
This is why property developers are able to turn such small plots of land into what we now consider as otherwise high-cost, high-competition locations and even offer investors a chance to live near where they work. They are also near more services like grocery stores and banking services. This is also why condo owners also have leverage on high foot traffic areas for both visitors and tourists.
4. They are highly secured
Security is also another thing that most people think about and consider when renting a home. They offer a high level of security, and this is what makes them such a sound investment. Most, if not all, condos have dedicated security teams, and they not only screen who enters and leave the building but also make sure that everyone is safe at all time.
5. Rental Income is great
As someone investing in homes, apartments, and condos, this is one of the most important things to look into. With their great location along with their provided amenities, security, and maintenance cost, they are typically in high demand. This is what helps condo rentals command reasonable rental values, you can also decide to be an owner-occupant or even a lessor, and the benefits of investing in condos are evident.
Sound off in the comments section below and tell us what you want to read next and if you want to read more about investing in a condo.