Buying a condo unit means you are a co-owner of the property. It has many advantages than when just renting it or purchasing a detached home. Aside from the amenities, strategic location, security, and a select community, you cannot ignore the following benefits of buying a condo unit.
It Frees You from the Monthly Rent
Renting an apartment or a condo unit will require you to pay your monthly rent. It is non-stop until you move out. But when you find another place to stay, you have to pay rent again, not unless you go back to your ancestral home. That may not be possible because our ancestral home may be far away from where we work.
When you buy your own condo unit, you will not be paying your monthly rent anymore. You may still be obliged to pay the monthly amortizations if you did not pay the condo’s total cost in full. But when you can pay the total price of the condo unit, the monthly amortizations stops. You can now have the chance to save or enjoy your earnings for other purposes.
It Is the More Feasible Option
If you are young, it is understandable that you may not have reached the peak of your career, which means that you may still be on the ladder toward the high-paying positions in your company. This may not be possible when buying a detached house.
Detached homes are way more expensive than condo units because you also buy the lot where the property stands. With condo units, you only buy the floor area. This makes a condo unit more feasible to buy than detached homes.
It Is a Great Investment
There are more and more individuals who are investing in condo units. It is currently the trending housing option of millennials, and the trend will surely continue for decades to come. Realty prices are always going up, and so with the value of condo units. You see that your investment may double in a few years. When that time comes, you can harvest the fruit of your investment by selling it or renting it out.
Many, especially the younger working population, are enamored with condo living. This is because this is the housing model that best depicts their generation. The younger generation is up and coming, while the older ones will soon be going. You will surely have someone to happily buy and take over your condo if you feel like converting your investment to other things.