For years now, condos have been known as a great way to get into the real estate market for a lower cost than you would pay for a house. And they still are great first investments. If you are thinking that you are ready to make the leap from renting to ownership, they are well worth considering.
Owning a condo is different than having a home in many ways. You own your specific unit but the common areas are shared with all the other owners in the complex. These areas include such things as gardens, parking garages, gyms, pools and more.
You will have to pay some fees that you would not otherwise, such as monthly maintenance on those shared areas. On the other hand, you might not even be able to have these amenities in your own home. And, if you did, you would have to deal with the headaches of maintaining them. Because the purchase cost of a condo is typically less, your mortgage and taxes will be less so, even with fees, your overall monthly expense will probably be lower.
Frequently, condominiums are located in downtown areas that are central to everything. For young people who are just starting out, this can be ideal. Often, you can find a place that is close to work as well as to places that you want to go out at night.
It's important to try to find a condo that is projected to retain its value or, better, appreciate. No one can guarantee you this, of course, but you may want to ask if there are any upcoming changes expected in the community around the complex. Your lender's representative might be a good person to ask for an opinion.
Condos can also be worth investing with regard to future rental income. This might not be something that interests you initially. But if you later find yourself ready to purchase a house, your condo can be used as a method of having a passive income instead of selling it.
Owning a condo is different than having a home in many ways. You own your specific unit but the common areas are shared with all the other owners in the complex. These areas include such things as gardens, parking garages, gyms, pools and more.
You will have to pay some fees that you would not otherwise, such as monthly maintenance on those shared areas. On the other hand, you might not even be able to have these amenities in your own home. And, if you did, you would have to deal with the headaches of maintaining them. Because the purchase cost of a condo is typically less, your mortgage and taxes will be less so, even with fees, your overall monthly expense will probably be lower.
Frequently, condominiums are located in downtown areas that are central to everything. For young people who are just starting out, this can be ideal. Often, you can find a place that is close to work as well as to places that you want to go out at night.
It's important to try to find a condo that is projected to retain its value or, better, appreciate. No one can guarantee you this, of course, but you may want to ask if there are any upcoming changes expected in the community around the complex. Your lender's representative might be a good person to ask for an opinion.
Condos can also be worth investing with regard to future rental income. This might not be something that interests you initially. But if you later find yourself ready to purchase a house, your condo can be used as a method of having a passive income instead of selling it.
About the Author:
Author: Ken Smith will help you choose the right condo. For Edmonton condo real estate listings help; get his free advice on condo listings.
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