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.
Condominiums are frequently located in central locations such as downtown areas where everything is easily accessible. For someone just starting out in his or her career, this is often ideal. It may be possible to find someplace that's close to work as well as to the best places for socializing.
The important thing is to look for a condo that is likely to retain its value or, even better, appreciate. There is no way to guarantee this but it is worth asking around about changes that are likely to occur in the surrounding community, for example. You can also talk to your representative where you plan on taking out your loan for his or her perspective.
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.
Condominiums are frequently located in central locations such as downtown areas where everything is easily accessible. For someone just starting out in his or her career, this is often ideal. It may be possible to find someplace that's close to work as well as to the best places for socializing.
The important thing is to look for a condo that is likely to retain its value or, even better, appreciate. There is no way to guarantee this but it is worth asking around about changes that are likely to occur in the surrounding community, for example. You can also talk to your representative where you plan on taking out your loan for his or her perspective.
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 can help you choose the right condo. For Edmonton condo real estate listings help; grab his free tips on condo listings.
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