Posted on: 30 January 2017
When investing in property it can be hard to know what to buy. There are so many different options out there that it can be hard to know what would work best for your family. A condo is a great idea for many people. Here are some of the reasons that town homes and condos are an ideal investment.
1. More Home For Your Money
One of the main reasons people invest in condos and townhomes is because of the money. You can get more square footage when you purchase a town home than you would if you were to buy a single family home. This is for a couple reasons. The first is that you save on the lot. Because they are able to put multiple homes on one lot you can significantly defray the cost of the home because you share the lot expense with the other homeowners. Second, you share building materials. In most condos and townhomes you share walls with another person. This means that both of you can get the house that you want without having to pay for all of the materials. Once again, between the two or three of you, you can split the initial building costs. These a couple reasons why townhomes and condos are cheaper.
2. You Get More Amenities
Another major perk of being a part of a condo or townhome development is that you get more amenities that if you bought a single family home. When you purchase a townhome you become part of an HOA. Included in your mortgage is generally a fee for your HOA. This association helps to pay for things like tennis courts, pools, playgrounds, and perhaps even a clubhouse where you can host events and parties. These kinds of things are incredibly hard to get if you purchase a home in other neighborhoods.
3. Less Care and Maintenance
Lastly, condos and townhomes ideal since they require a good deal less of maintenance than when you buy a house. This is because you don't have the yard to care for. In most cases you will have common areas that you can use, but you don't have to care for them. In most complexes you will have a landscaping company take care of the yard and any type of maintenance of common ground. This takes a great deal of work off of your plate.
These are just a few of the many advantages to buying a condo or townhome.
For more information, talk to a professional like Seaboard Real Estate & Financial Services.Share