Real Estate Blog – Condotron

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20 Sep

Things to consider when buying a condo

Posted in Buying an Apartment, Condos on 20.09.12

condominiumA lot of condominiums offer a host of attractive benefits to prospect buyers. Here are some good reasons why you should buy a condo:

Amenities

Developers of condominiums often give access to certain amenities that in normal conditions will not be affordable to the buyers. You might have access to golf courses, clubhouses, swimming pools, fitness facilities, and other things made affordable to a group of owners who share the costs.

Desirable location

Single homes along the beach front or in a ski town might be out of reach in terms of price but owning a condominium in these locations is a feasible alternative.

Tax advantages and building equity

Condo ownership gives several benefits over just renting a unit. You will have the opportunity to accumulate some equity and be able to take advantage of tax deductions for property taxes and mortgage interest. If you will be paying almost the same amount to rent a condo unit as to buying, then purchase the property to take full advantage.

Investment

A lot of buyers also get condo units as a form of investment. Some foresee that the properties in the area will have higher prices in the future or they want to have it as a rental property. Condos appreciate in value slower than single homes so a lot of owners tend to put it up for rent to recoup their expenses over time.

Maintenance

Owners of condominiums are not directly responsible for doing maintenance on the building, grounds, or its common areas. This is a very desirable perk especially for the busy ones. There are fees that cover these tasks.

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