If you are planning to buy a condo, then there are plenty of reasons why it might be a smart move. Some people discover over time that they would be happier in a condo community, while others love living with a bit more freedom and privacy, but the freedom and privacy of having a single family home can also translate into a lot more work, more costs, and less amenities, so it really comes down to what your preferences are, and where you are in life. Aside from location and price range, housing type is one of the critical decisions that you must take. Buying a condo is an excellent option for those who are escaping empty nest syndrome or just starting a family. We asked AK Premier Real Estate Services in Raleigh North Carolina what they would list as the top reasons why anyone would purchase a condo instead of a house, and here is what they said:
Condominiums are priced lower than the single-family homes as you will only by buying the living space and not the land. According to a survey of the National Association of Realtors, the average price for a single family home was $241,700 in January 2018 as compared to the median condo price, which was $231,600. There is a clear gap of $10,000, which is much higher in some of the markets.
As lower price means lesser down payment and smaller monthly installments, condos are considered a better choice for the majority of the people who want to dive into ownership with less financial outlay.
- Less Maintenance
Among the other significant benefits of living in a condo is that it needs less maintenance as others will be doing that for you. They will maintain the grounds, cut the grass, shovel the snow, fix the roof, and you also don’t need to worry about replacing the siding. For the people who are going to be first-time homeowners, this option is quite handy as you don’t need to deal with these chores.
Many condos offer a secure environment with locked or gated entries, security professionals, or doorkeepers for residents. If security is your concern or you will be living alone, then this can be reassuring as it reduces the risks of break-ins. In addition to this, in condos, you will have enough options for people for help in an emergency, as you will be living in close proximity to a plethora of other people.
- Location and Amenities
As condos are densely packed and a bit smaller, they are often located nearby amenities. You will get all the facilities of life from shopping, job opportunities, cultural activities, and entertainment. The commutes are frequently shorter as compared to homeowners who typically live in the suburbs. Other common ameinites include swimming pools, gyms, community centers, and other types of recreational offerings that are normally not available to the average homeowner.
- Social Connections
Condos are closer apartments and are literally surrounded by plenty of other units. While on the other hand, neighborhoods are detached for a single family house, and the homeowners tend to create a distant relationship.
Condos have never been so popular as now because the baby boomers have started aging and are thinking of ways of cutting the cost of living. As a result, the demand for condos is gradually increasing as compared to single-family homes.