If you are planning to purchase a home, buying a condominium unit may be pretty tempting. Buying a condo means you don’t have to worry about maintenance. You can use the amenities like swimming pools or gym without paying for monthly memberships.
Is condo living for you? Are you buying for investment?
Here Are the Benefits of Buying Condos:
Most condos are secure. They provide locked entries and security professional for residents. When you are living alone, it makes you feel safe. You know that anytime you ask for help you can have somebody to call or even from other residents in the adjacent rooms.
You don’t have to worry about maintenance. There are cleaners for the lobby, the grounds, parking lots, etc. They have people to work on the fixing the roof and plumbing problems, etc. Unlike when you are actually owning a home where daily household chores are essential.
You can use the amenities of the condo, like swimming pool and fitness center freely. There are no monthly membership fees required for you to be able to use these.
If you are a first-time owner, you can choose to buy a condo. They are priced lower than single detached family homes. If you happen to be living in the Ontario are, you should check for Mississauga Condos For Sale.
Other benefits of buying condos are for investment purposes. Before buying for investment, you have to look at the expected returns and the level of risk you are willing to assume.
Other Benefits of Owning a Condo:
Buying condos is a safe long term investment. It’s a fact that real estate value increases with time. Here are three ways you can gain a return from buying condos:
Increase in Property Value
Historically, increase in property values goes above inflation. Despite the real estate market’s fluctuation, costs of condo increase over time. Benefits of buying condos always overtake the disadvantages. The only time you will lose money is when you are forced to sell it. Example: you need money to finance your medical bills you are obliged to sell your hard earned investment.
Paying Down Your Building Equity
Rental prices are high and so rental market is strong. You can have it rented out, which means you have someone else pay your mortgage down and build equity.
Increased Cash Flow from Rentals
Initially, upfront costs are big. However, over time rental price increases, so this allows our mortgage payment to decrease thereby increasing your monthly cash flow.
Reselling Your Condo
There are other benefits of buying condos. You can make more money by purchasing a resale condo and renting it out. Resale condos are typically cheaper, thus increasing your cash flow plus the year after year its value appreciates. Your monthly cash flow increases as well from the rental income.
You can leverage more if you buy at pre-construction. Typically you are only putting 15-20% yet your property is appreciating at 100%. If you don’t want to resell it, you can rent it out.
Buying a condo is not a small thing. The benefits of buying condos outweigh the cons especially if you are investment buying.