New York News
If you look at the real estate market, you will see a rising trend on purchases of condo units. People buy units in condominiums for many reasons. Some people think that a condo unit is expensive and practical. While this applies to some people, it actually depends on the needs, requirements and lifestyle of the person buying the unit. For some, the costs or owning, maintaining and selling a condo unit is not practical especially if you factor out all the other fees and the depreciation value.
Benefits of owning condo unit
- Buying a condo unit is good for people who does not want to rent but are not yet ready to invest in a family house. It is a cheaper alternative; your monthly mortgage is lower. It is also a good option for retirees who want to sell their house and get a cheaper alternative.
- If you live in the condo, there is no more need to mow the lawn, trim bushes, and pull weeds in your backyard. The Home Owners Association or HOA is in charge of all the maintenance of the grounds and facilities. They also maintain the lobby and the foyers and there is no more need for painting jobs. The only place that you need to worry about is your unit.
- This is also a perfect option for people who often travel – either for business or vacation. Condo units are often just big enough so they are not difficult to maintain and the space is very functional
- This is also good for people who wants to have facilities in their home such as a fitness gym, a playground, sauna and steams, and swimming pools but can not afford it.
- You want to live in a peaceful community with neighbors that follow rules and regulations.
- Condo units often have modern and minimalistic designs. This is perfect for people who want to enjoy a beautiful and functional dwelling but do not need or want too much space.
While renting is a viable option, it should not be a permanent living arrangement. It may appear cheap but if you add all the rent, you will find that it’s almost the same amount as when you are paying the monthly amortization for a house that is yours.