Advantages of Living in a Condo
Many might have thought that a condominium is a type of a building, but the fact of the matter is that a condominium is actually a system of ownership. It can be any type of home whether town homes or suites in high rise or low rise towers.
The person who purchases a condominium unit is given the private ownership of the home, and the shared ownership of all the other public facilities, amenities, structures and outside grounds.
Why Would People Live in a Condo?
Living in a condo means owning the house, but without the nuisance of security, maintenance and repairs.
In a condominium, the owner owns the whole space in the interior of the home and shares with other homeowners all the other structures, facilities, amenities and outside grounds.
Everything that homeowners share is called the ‘common elements’. The balcony and patio are also included in the common elements, but they are considered as exclusive use common element. That is because they are exclusively used by the owners of the home they belong, but the maintenance is covered by the homeowners’ association.
To discuss it further, all advantages that a condo owner will get are listed below:
1. No Mowing and Other Outdoor Related Maintenance and Repairs
Living in a condo means there is no need for outdoor repairs or mowing the lawn, weeding the garden, fixing the roof, shoveling the sidewalk, or cleaning the pool. By paying the dues, the condominium association will take care of all these things.
The management or homeowners association will take the responsibility of repairs and maintenance in the community so people are free from mowing, shoveling or cleaning outside the property. The need for storage will also be reduced as there is no more need to purchase and keep expensive equipment such as lawn mowers and snow blowers.
This is a major benefit to those homeowners who don’t have good health or are busy with work and/or travel or simply hate to work on outdoor repairs and maintenance.
The maintenance and repairs that need to be done by homeowners will be limited to the interior of the house.
2. Less Cost
Owning a condo is cheaper than renting an apartment or town house and provides long-term price stability. It is also a cheaper alternative to getting a single-family house in an expensive urban area. A condo can be a great first step for those who want to dive into home ownership. For the more established homeowner, Luxury Condos are available similar to the Condominiums At Lakeshore.
The low down payments required in condominiums suits well with first time buyers who have a challenge putting down payments, with young people who are just starting in their career, and with older couples who are looking to downsize and retire.
The monthly mortgage being paid is for owning the condo which is more advantageous than paying to rent an apartment and less compared to owning a house with a lawn.
The cost is also reduced in repairs and maintenance same with amenities, the cost for utility and maintenance are lower compared to the amount needed to shell out in maintaining a town house. This is because the fees are being shared with the other homeowners.
To summarize, living in a condo is convenient and provides a low maintenance lifestyle for busy families.
3. Sense of Community
A close-knit environment between neighbors is a big advantage for engagements and socializing. Social moments happen every day as neighbors are in very close proximity.
The community is always up to a wide variation of activities for social, recreational and entertainment which may be best suited for a specific kind of lifestyle.
Additionally, any disputes among homeowners are regulated by the homeowners association which enforces a set of rules and regulations and ensures compliance.
On top of that, anybody among the condo owners can be elected to the condo corporation’s board of directors.
4. Equipped with Amenities
Most condominiums already include a gym, swimming pool, tennis court, fitness center, sauna or terraces for barbecue. They offer luxurious amenities which are not usually found in houses and might not be affordable for average homeowners.
The fees paid on homeowners’ association are but a fraction if you have to pay for the same certain amenity alone in a town house.
5. Compared to Apartments, it’s Free to Design and Renovate
Compared to renting an apartment, owning a condominium typically means owning the whole interior spaces and designs of the whole place. The owner is free to change everything.
6. Very Accessible Locations
Most condominiums are situated at the center of the metropolitan where shopping centers, restaurants, and the likes are in very close proximity. These are also very accessible to all kinds of transport.
Although most condominiums are found in metropolitan areas, a lot of condominiums nowadays are rising in the suburbs, which means that people now have a wider choice for location.
7. More Safe and Secure
This is a major perk for those who are concerned about security. Most condos have security professionals in addition to gated and locked entries, surveillance cameras, and doormen.
Aside from that, residents live in close proximity to each other which means a lot of people can be called for help in case of emergency. Because of the close-knit environment, strangers and gate crashers can be easily recognized as well. The close proximity of neighbors makes homeowners feel more safe than in subdivisions and villages.
8. Potential Profit Maker
A condo is an asset. If sold in the right climate of the economy, it can create a significant profit. It can also be rented out for a monthly earning.
Moreover, condominiums sales value increases as improvements are made to the units, and as demand for condominiums rises.
In selling or renting the property, those units that are in small buildings are hardly affected by the state of the housing market unlike those that are in big buildings. But, condos in big buildings can get great sales value when there are less units for sale in the market.
These and more are the advantages of living in a condo. Condominiums are equipped to offer the best life possible for every different kind of living, whether alone or in a family.
The Condos at Lakeshore
The Luxury Condos at Lakeshore offer a variety of amenities and waterfront condo living at very affordable prices.