Condos: A GREAT Investment.
3 Reasons Why You Should Buy A Condo And Why It Should Be Ground Level.
Purchasing real estate is a big decision and there are many factors to consider. An initial choice to make is whether a single-family home or a condo is the best option for you. This differs based on an individual’s needs, however; there has been increasing interest in the ownership of condos. In 2018, the number of condos closed in Florida grew 2.6% more than single-family homes.
Pros of Owning a Condo
When you become the owner of a condo, most likely you will also become a member of a Homeowner’s Association. The dues you pay to the HOA will cover mundane tasks such as lawn care, roof repair, common area maintenance and more. This is ideal regardless of whether you are looking for an investment property or a primary residence.
When you purchase a condo, the price is typically significantly lower than if you were to purchase an independent dwelling.
If you are a first-time homebuyer or are looking to house a smaller amount of people, the option becomes even more desirable.
With families getting smaller, the amount of space required of a home should be decreasing as well. It may be a smart decision to say no to the extra room and consider what you could do with potential savings.
When considering financing, the time to do so is now.
As of August 14, 2019, the U.S. Department of Housing and Urban Development (HUD), has made it easier to finance condominiums. Of these rulings, the ratio of owners that are required to reside in their dwelling has decreased. In other words, there is more opportunity for individuals looking to purchase a condo as an investment property.
If you purchase a condo in a gated neighborhood, the first line of defense against intruders is already in place.
Condos are typically closer in proximity to other homes, this naturally leads to guarding eyes being on your property.
This is especially true when an HOA is involved. Many members of the HOA are your neighbors. They have a stake in your property and will instinctively lookout for its benefit.
This is a great aspect for an investor. You can get a heads up if your tenants seem to be acting in a suspicious manner, if the structural integrity of your home is compromised, etc.
Pros of Owning A Ground Level Condo
If you have decided that purchasing a condo is something that you would like to do further research on. A good place to start is what type of condo you should buy. A ground-level condo is a fantastic option.
Without the presence of steps, accessibility to the home is made easier in instances regarding:
Elderly people who have limited mobility.
Those who are in a wheelchair.
Transporting large furniture and appliances into the building.
Day to day tasks such as unloading groceries.
Often first-floor units are less expensive than units on higher floors.
There may be an opportunity for you to utilize the grounds surrounding your condo which provide numerous benefits such as:
Additional space for pets.
If you are considering taking the next step in your real estate endeavors, it is smart to work with a realtor who can provide you with essential resources.
By choosing a team of highly-seasoned real estate professionals, such as theJulia Almstead Team, you will receive exceptional and personalized service.
Wondering what properties are currently available? Take a look at this amazing one bedroom, one bathroom condo for sale.