Why Condos Are the Best Option for First-Time Homebuyers
By: John Garcia | Date Posted: March 22, 2022
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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 stoneâs 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 all 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 donât 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 wouldnât 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
Because of the locational advantage and the perk of having amenities, condos are highly-demanded for rentals. So should you end up buying another property and would want to still make your investment in your condo worthwhile without giving it up permanently, you can turn to offer it for lease? You can either offer it as a traditional lease, or you can sign it up on Airbnb or a similar service, which gives you the potential to earn huge rental income.
If you find being a landlord to be quite tedious, then thereâs also a potential for huge returns should you decide to resell your condo property later on.
Investing in real property is always considered to be among the safest investment decisions. And investing in a condo, in particular, comes with a lot of benefits that make it a great option, especially for first-time buyers.
Sense of Community
Condo communities also have an inherent sense of community that other communities may not have. In addition to saving homebuyers money, these communities have intangible benefits as well. Due to their shared amenities and close-knit communities, townhomes foster a sense of belonging and safety, and your neighbors become your friends who have your back while youâre away.
The majority of people desire privacy, but they also desire a strong sense of proximity to help, action (the buzz of downtowns), and work. A condominium often provides that sense of proximity. First-time homebuyers have the option of choosing a condo or townhouse in their ideal location and saving money in the process.
Modifications
Condo ownership is very similar to owning an apartment, except that owners can customize their units as much as they like, as long as itâs within the communityâs written standards. Owners build equity through ownership, unlike when renting. You will be able to take advantage of this equity when itâs time to purchase a bigger home in the future. This makes it an ideal temporary solution for first-time homebuyers who are still getting accustomed to the added costs and responsibilities of owning a single-family home.
These housing options also provide ongoing financial benefits. When comparing the cost of living in a single-family home with a condo or townhome, first-time homebuyers can save money. Condos and townhomes offer the convenience of shared maintenance costs and lower utility bills for buyers who do not wish or cannot afford to manage the upkeep associated with a single-family home.
Thank you for reading!
