You may have just moved to a big city, and you are thinking about what type of dwelling is the right one for you. But after some time, you’ll soon notice that many condos are built in the center or near the center of the city’s most crowded area. And that is not a mere coincidence. In fact, there are reasons that can explain why many cit dwellers find condo living preferable to other types of housing, which is a subject we’ll learn below.
Condos Are the Most Affordable Option
If you are looking for the fastest option for housing, renting an apartment unit is surely the best decision you can make. But if you are looking for an investment and comforts at the same time, condos will be your best bet. And you may also ask why not buying a piece of land and a house on it? The brief answer to that is it may not be possible at all in some big cities, especially if the location you want is near the city center.
For example, according to Zillow, a property listing website, houses in strategic locations like 7 Sellers Ave, Munro Park Ave, and Bayview Ave are priced around CA$ 1,000,000 to CA$ 5,000,0000. Now compare that to condos. With only CA$ 600,000, you can already get the best condo with luxurious amenities. If you are interested, you can get in touch with them.
When we’re talking about upkeep, don’t compare condos to small apartment units because you will miss the point entirely. Condo living is all about having amenities like a swimming pool, parking lot, jogging track, gym, and even sauna rooms without low maintenance costs. You can’t have all of that in your house unless you are willing to renovate and spend hundreds of thousand dollars for it.
If you own a condo, you own those facilities together with other owners. As for the maintenance, it is usually entrusted to an external contractor, but everything will be reported back to you.
You Can Make Considerable Passive Income Out of Condos
Since condos are located in the most strategic place in big cities, if you rent out a unit, it will be easy to get tenants. Besides, condos have strict policies for renovation and modification. Should any owners alter their unit for improvement or whatever reasons, they must follow the rules. And this is intended to keep all units maintain a stable price. Unlike houses of which the price can fluctuate drastically, condos are relatively more stable.