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General Chat / The benefits of buying condos are manifold
« on: June 28, 2019, 03:26:23 AM »
The benefits of buying condos are manifold, especially when it comes to buying a pre-construction condo.
Affordability
The first and foremost reason is the affordability. Condos are not as expensive as traditional homes. Especially in cities as property and land costs way higher than the usual rate, a single home will be expensive than condos. Considering that management fee covers a variety of things like utility charges, condos will be more affordable considering all these factors.
Repair and maintenance cost
There is usually a monthly fee associated with owning a condo. The good thing is that it will take care of repair and maintenance cost that may come up in the future. But, if you want to hire someone to fix your broken pump or leaking roof of your single family home it will cost a lot more than maintaining a condo.
Amenities
Condos come with a set of amenities like pool, gym, clubhouses, play area etc. The benefit is that you have access to all these amenities by paying a monthly fee. Whereas if you purchase a traditional home, you will have to spend a huge amount of money to own such amenities. Even, if you go to a standard club, the membership fee cost more than the monthly management fee.
Location and Lifestyle
Condos are usually built in posh areas of a city or location. You will have access to not only good universities and health facilities, but people from different backgrounds will be staying at that single place. Also, it will be more profitable to rent out a condo than a single house. This is the exact reason why pre construction condos are becoming popular in cities like Markham, Toronto and Scarborough in Canada.
Affordability
The first and foremost reason is the affordability. Condos are not as expensive as traditional homes. Especially in cities as property and land costs way higher than the usual rate, a single home will be expensive than condos. Considering that management fee covers a variety of things like utility charges, condos will be more affordable considering all these factors.
Repair and maintenance cost
There is usually a monthly fee associated with owning a condo. The good thing is that it will take care of repair and maintenance cost that may come up in the future. But, if you want to hire someone to fix your broken pump or leaking roof of your single family home it will cost a lot more than maintaining a condo.
Amenities
Condos come with a set of amenities like pool, gym, clubhouses, play area etc. The benefit is that you have access to all these amenities by paying a monthly fee. Whereas if you purchase a traditional home, you will have to spend a huge amount of money to own such amenities. Even, if you go to a standard club, the membership fee cost more than the monthly management fee.
Location and Lifestyle
Condos are usually built in posh areas of a city or location. You will have access to not only good universities and health facilities, but people from different backgrounds will be staying at that single place. Also, it will be more profitable to rent out a condo than a single house. This is the exact reason why pre construction condos are becoming popular in cities like Markham, Toronto and Scarborough in Canada.
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