Investing your money in buying property or in real estate is such a huge decision and yet more beneficial. Before getting the answer to this question, it is necessary to understand what exactly a condominium is and how good or bad is investing in it? A building with several small units, which are sold to several individuals is known as condominium.
Living in a condo you have to share a building with other individuals living in your neighboring condos. Also, you have to share the same roof, parking area and external area with people living under a condo. The maintenance of the common areas is the responsibility of the HOA of a Condo.
Now, as you are familiar with the entire situation about how a condo actually work. Here is another big discussion that is:
Is buying a condo as good as an investment as buying a house?
So, if you are willing to buy a condo for investment purposes, then it is not a better decision for you to make. For investing in a condo needs a lot of money because everything from internal maintenance of individual unit to external management is the responsibility of the owner. As well as the insurance cost and every other thing that comes under this is quite expensive.
Besides this, if you want to invest in buying a condo. You must need to make sure thatthe amount you getfrom rent must be greater than your investment. For this purpose, you have to set the entire fee structure, make a proper investment plan and work on it accordingly.
As compared to this, buying a house is a better option, for investing your money. Although you have to take care of the necessary responsibilities but it is quite easy to manage a single home rather than a huge building. The maintenance of a single home is also much easier than a condo. Thus, investing your money in buying a house is more beneficial.
Well, it does not necessarily mean that you cannot buy a condo whether for the purpose to live in it. For an investing point of view preferring a house is more convenient and beneficial.However, here are few pros and cons of owning a condo to live rather than investing in a condo.
Pros of Buying a Condo
Some prominent benefits of buying a condo are as follows:
– Less Maintenance
Being a buyer, you get one of the most prominent benefits of a condo that is you do not need to invest your time on maintenance. The maintenance of a condoand the interior set up is the responsibility of the owner. Thus, you do not need to care much about this factor, which is the greatest benefit to the buyer.
– Higher Security
The second most prominent benefit you get while buying a condo for personal use is that it offers great security. You do not need to worry about the security concerns or to hire a security guard for this purpose. As a condo is a large building with several small units in it, so the owner takes responsibilityfor the security of the entire building.
– A mean of Social Entertainment
A condo is a great source of interacting with various people belonging from various backgrounds. You make new friends and there always some activity happening around. Thus, it is a great way to getaway from your everyday hectic routine.
Cons of Buying a Condo
Some of the cons of owning a condo are also as follows:
– Privacy Issue
Living in a condo, the biggest disadvantage is that you are surrounded with so many neighbors. You have neighbors on your left, right, top and bottom even at your back. Considering this thing, there is no such privacy left because you never know when someone is going to invade your privacy.
– You Have to Pay for Extra Fees for other things
Another major thing to consider is that there are not only the fees for buying a condo. You also have to pay for several other things like the security and maintenance fee as well while living in a condo. It proves to bet the major disadvantage of living in a condo.
Buying a condo for personal use is a great option to go for instead of buying a house. It is because a condo is much affordable than buying a house. However, when it comes to buying a condo for investment purposes, it is not a good choice. Investing in buying a condominium needs to consider so many things rather than a single house. As well as investing in a condo requires a lot of money and it is more expensive than a house.