A little yard, a garden, and a white picket fence isn’t everyone’s ideal home. There is a draw to apartment living. Apartments are low maintenance. There’s no lawn to mow and the owner fixes anything that goes wrong. The drawback is that apartments lend themselves to instability. The property can be sold and rent can go up. New management can be unpleasant. Also, the money you pay in rent isn’t going toward any larger investment.
That’s where condos come in. Condominiums vary, but they
share some advantages like little to no outdoor maintenance. Here’s a rundown of what condo living is all
about.
What is a condominium?
Condominiums can differ quite a lot. Your condo could be a
flat or it could be a townhouse. Some condos are duplexes or even standalone
units. What they have in common is that
while you own the indoor space, you share ownership of the outdoor space.
Advantages of condominiums
Lower maintenance costs: Because the larger expenses of keeping the roof and grounds in good shape are shared by the community, you don’t have to shell out a lot of money for unexpected issues on the property.
Simple fees: Like with any Home Owners Association, there are fees associated with your condominium. When you only pay rent to your landlord, you’re also paying extra for maintenance, you just don’t see that parsed on paper when you rent your home. With a condo, it’s not complicated. The advantage is that you know what you’re paying for and as a homeowner, you have a voice and can express your wishes when it comes to spending money. Renters don’t have as much standing with landlords, especially corporate ones.
Simple fees: Like with any Home Owners Association, there are fees associated with your condominium. When you only pay rent to your landlord, you’re also paying extra for maintenance, you just don’t see that parsed on paper when you rent your home. With a condo, it’s not complicated. The advantage is that you know what you’re paying for and as a homeowner, you have a voice and can express your wishes when it comes to spending money. Renters don’t have as much standing with landlords, especially corporate ones.
Ease of an apartment, but your investment can pay off: Another advantage to living in a condo is that the value of your home increasing doesn’t mean an increase in rent. Instead, you can take advantage of the increased value to get a loan or to sell. Homeownership is an investment. That’s where you see the greatest difference between renting and owning.
Upgrading: While upgrading appliances and adding other improvements to your home isn’t really a cost-effective option for an apartment, it will increase the value of your condo and could pay off in the end. While you make your condo a beautiful place to live, you’re also adding real value that you can benefit from if you decide to sell. If you’re renting, you can’t get the same benefits.
Living in a condominium is a smart choice for people that
want the convenience of an apartment, but want their home to be an investment
for their future. Improvements you make to your condo will add value that you
can cash in on later. While many people are afraid of the fees that come with
condo living, renting isn’t cheaper.
Your landlord just doesn’t tell you what your rent is paying for.
If you like apartment living,
but are ready to make an investment in your future, call your College Station realtor. She will help you find the home that’s right for you.
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