One of the main goals in a person’s life is to finally have a place that they can call their own. Having your own home is a clear indication that you have already done a lot in your life and that you are stable enough to be considered a homeowner. However, planning your own home purchase is difficult as you must consider whether you would like to have a traditional home and lot, or a condo unit. While most people would normally choose a home and lot, there are many benefits to choosing to invest in a condo. These are some of the advantages of living in a condo.
Guaranteed security. Many people find condos more attractive than a house on a lot. This is because they are easier to maintain. Condo units are also easier to protect, and therefore the safety of your family members is guaranteed when you live in one. Although you can choose not to have CCTV cameras inside your unit, the hallways on each floor are equipped with multiple cameras so that building security personnel can easily monitor people entering and leaving the condo building. Some of the fanciest buildings have top-notch security systems that will put even the most meticulous and paranoid unit owner at ease. You can even instruct your building security staff to only allow a limited list of people to enter and visit you.
More affordable. Since a condo unit does not involve ownership of the land, buying one is relatively more affordable than owning a house on a lot. If your condo is within the city, you can do without having your own vehicle, as you can easily walk or take the bus or subway to and from your unit to your workplace.
High resale value. If your condo is in a great location, you can be sure that you will get a high resale value should you want to sell it in the future. You can also get a high home equity value for your unit in case you need a loan.
Communal benefits. Another advantage of owning a condo is that shared or combined ownership of the building will allow owners to have access to existing facilities and services, such as the gym and pool, free of charge. However, you should also keep in mind when you live in a condo; You will have to pay the Homeowners Association Fees or the Homeowners Association Fees. Fees collected through HOA will be used to improve and upgrade shared facilities and building security.
Location and accessibility. Owning a condo unit within the city will give you an enviable location and easier access to your workplace and other business establishments without having to have a long commute. If your condo unit is in town, you no longer have to get up too early to avoid rush hour traffic. Also, if you are the person who enjoys nightlife, having a condo unit will allow you to have easier access to the best clubs and entertainment venues at night.
