Perks of Buying a Condo
For many years the American dream was to get a good job and buy a home in a safe neighborhood. Unless you were single and living in a large city, condominium living was considered “less than.”

The truth of the matter is this: there are at least 12 very good reasons to purchase a condo rather than continuing to rent or buy a single-family home.

  1. Cost. For shoppers with a limited budget who are looking to enter into the housing market, a condo may make financial sense. In addition to paying less for a condo than you probably would a single-family home, there are many upkeep costs associated with a single-family home that simply do not apply to condo living.
  2. Equity. Ownership has a number of advantages over renting. One of the most obvious is the opportunity to build equity. Although condos do not tend to appreciate as quickly as single-family homes, they are still a financial investment that can turn a real profit -- particularly in high-demand areas.
  3. Tax Advantages. Like any homeowner, condo owners can claim the interest and taxes paid on their condominium, which may provide savings on their final tax bill each year.
  4. Location. A buyer who hopes to live in the heart of a city, on a beach, or near other high-demand areas may have better odds of purchasing a condo in their desired location. Not only is price a factor, but in many areas there are simply more condos than single-family homes to choose from.
  5. Amenities. Features like swimming pools, clubhouses, golf courses, tennis courts, and fitness centers are often perks of condo living. Because each of these features are owned by the entire group of condominium owners, the per/owner cost is typically lower.
  6. Freedom. Condo living can be the perfect arrangement for a busy adult who simply has little time for maintenance. The grounds, common areas, and buildings are often maintained by hired handymen and landscapers. Handing these responsibilities off to another party frees up time to pursue other interest.
  7. Community. Many condominiums offer a variety of social events, designed to create a sense of community and a chance to get to know neighbors. This benefit can be important for building friendships and networking.
  8. Security. There are a number of ways a condo may be safer than a single-family home. Some condominium buildings have a doorman who watches who comes and goes and knows if someone does not belong in the building. Many condos have security cameras throughout the property to ensure safety. Others depend upon the community they have worked to create to look out for each other.
  9. Flexibility. Not everyone wants to be tied down to their property. Condo owners know they can leave for months at a time and the lawn work will still be taken care of and repairs to the building made. If condo rules allow it, owners can even rent their condo out for the time they plan to be away.
  10. Condo Association Protection. Most condos have an elected board which sets rules and regulations all residents must abide by. Guidelines are set in an attempt to encourage condo owners to contribute to the upkeep and beautification of the community. Although the rules can appear strict (particularly to those who did not vote for them), they are designed to protect property values for everyone involved.
  11. Customization. Unlike renting a home, condo ownership allows the homeowner to decorate however they’d like. This includes painting walls and otherwise making the space their own. The general rule is that a condo owner is responsible for anything within the walls of the condo and has the flexibility to renovate the inside as they see fit.
  12. Investment Opportunity. There are investors who simply feel more comfortable buying into a condominium community than into a neighborhood of single-family homes. It may be because they would like someone else to take care of outdoor maintenance issues, or maybe because buying a condo makes more sense financially. Whatever the reason, investors may have the opportunity to build a healthy portfolio of properties by purchasing condos. Note: some condo associations allow owners to rent their condos while others do not. Make sure to check association rules before buying a condo for investment purposes. 

The truth is, condo living is not for everyone. But for those who want the freedom to come and go as they please, decorate to their own tastes, and be part of a close-knit community, condo living can be just the ticket.