Why Condos Are the Best Option for First-Time Homebuyers

Table of Contents

1. Condos are more strategically located
2. Condos come with nifty amenities
3. Condo property management makes life easier for you
4. Condos are a great source of rental income
5. Sense of Community
6. Modifications

Buying a home for the first time? Perhaps the biggest question that you have in mind right now is whether you should buy a landed house or a unit in a condominium building.

While most of us dream of a big house with a huge yard, perhaps a nice garden, and a pool to swim in, getting a landed property is not always the wisest choice, especially if this would be your first property investment.

The following are some reasons why condos are the best options for first-time buyers:

Condos are more strategically located

Among the key selling points of condos is their location. While both landed houses and condominiums are considered residential assets, you can hardly see houses and lots in highly-commercial areas such as central business districts because these locations would want to maximize the land area, and would build tall structures such as condominiums. With that in mind, condo units are able to help you live nearer offices, saving you a lot of time and money when going to work. Commercial establishments such as groceries banks, and even malls also flock around condominiums and offices so you are likely to find all the things you need within a stone’s throw away.

Aside from offices, there are also condos that are located in tourist destinations. Take some Cebu condominiums in the Philippines for example, specifically those that are located near the beaches. These condos are able to help more people live in a resort-style community as compared to just building houses and lots.

Condos come with nifty amenities

Condominiums are known to offer nice amenities that would otherwise require a lot of space and money to be able to pull off in a landed house. Most modern condos would have a pool, a garden, a lounge, and a function area. Some would even have an exclusive gym and other sports facilities. These are things that are hard to place in a humble home, but you could definitely find them in the most available condos.

When buying a single-family home, these features would be out of reach for many younger buyers. A maintenance-free pool may also appeal to empty nesters who don’t want to worry about the upkeep.

Condo property management makes life easier for you

Decent condos would have a reliable property management team that would take care of the maintenance of the structure, as well as of common areas of the building, so you wouldn’t have to think about that anymore. Meanwhile, for a landed property, you would need to think about the maintenance of both the internal and the external structures of your home, and the cleaning of the whole place as well.

HOAs and condo associations are responsible for repairing and maintaining condos and townhomes. In addition to city services and lawn care, HOA fees may also cover insurance and pest control. For first-time buyers and retirees, this maintenance model provides simplicity and ease. A condo or townhome provides peace of mind when it comes to emergency repairs and ongoing maintenance, as well as reducing yard work and landscaping. In addition, snow removal and pool cleaning will not be an issue.

Furthermore, condos would also have a dedicated security team that would ensure the safety of all its residents. On the other hand, security teams for landed property may only be present if you get a home in a gated community. Otherwise, the security of your property is all up to you.

Condos are a great source of rental income

Condos are in high demand for rentals due to their location and amenities. If you buy another property, you can lease your condo to make your investment worthwhile. You can choose between traditional leasing or using Airbnb for potential high rental income. Reselling later can also lead to substantial returns. Investing in condos is seen as a safe and beneficial choice, especially for first-time buyers.

Sense of Community

Condo communities offer more than just financial benefits; they also foster a strong sense of community and safety. With shared amenities and close relationships, neighbors become friends who support each other. Condos provide the desired proximity to downtown areas and work, offering both privacy and a sense of closeness. First-time homebuyers can choose condos or townhouses in their preferred locations, saving money while enjoying these benefits.

Modifications

Condo ownership is akin to apartment ownership but allows customization within community guidelines. Owners gain equity, unlike renters, benefiting from future home purchases. It’s a good option for first-time buyers adjusting to homeownership costs. Condos and townhomes offer financial advantages like shared maintenance and lower utility expenses compared to single-family homes.

Thank you for reading!