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 being a home owner in many ways. For one, while you do own your specific unit, you will share ownership of common areas with the other people living in your complex. These can include such areas as gyms, pools, gardens, parking garages and more.
You will need to pay some fees, like monthly maintenance on areas that are shared. But if you were in a house, you might not have those same amenities available. If you did, you'd need to deal with the maintenance headaches yourself. Since the initial cost of the condo is usually less, mortgage payments and property taxes will be also. Even with added fees, you will probably be paying less per month.
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 being a home owner in many ways. For one, while you do own your specific unit, you will share ownership of common areas with the other people living in your complex. These can include such areas as gyms, pools, gardens, parking garages and more.
You will need to pay some fees, like monthly maintenance on areas that are shared. But if you were in a house, you might not have those same amenities available. If you did, you'd need to deal with the maintenance headaches yourself. Since the initial cost of the condo is usually less, mortgage payments and property taxes will be also. Even with added fees, you will probably be paying less per month.
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:
About the author: Ken Smith can help you choose the best condo. For Edmonton condo real estate listings help; get his free advice on condo listings.
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