Owing a house is one of the most expensive investments that many people will make. Nonetheless, purchasing a house is also a crucial investment that yields a sense of security for many people. Equally a house being an investment creates huge opportunities for many people to engage in generational wealth creation – the creation of the kind of wealth that can be passed down through multiple generations.
One of the options in home ownership is a condominium. Condos are increasingly in popularity owing to the specific benefits that they can only yield. Herein we are going to explore the benefits of investing in and living in condos, as opposed to standalone houses.
#1. Lower Cost Of Purchase – The biggest benefit of investing in condos is the low cost of ownership. Considering the fact owning a standalone house also includes the cost of purchasing the land on which the property is built, which increases the cost of purchase of the house. On the other hand, the cost of purchasing a condo does not usually include the cost of the land. As such, the condos tend to cost lower when compared to standalone properties within the same area.
#2. A Low-Maintenance Life-Style – Aside from the lower cost of purchase, condos are also characterized lower cost of maintenance. Additionally, the actual maintenance responsibility is not charged on the owner of the condo, thus negating the time and effort dedicated to maintaining your home and freeing up time for condo owners.
#3. Social Connections Strengthening – Condominium developments are at the very core a small community of residents. The building creates a very favorable opportunity for unit owners to live in a community that negating the prospects of living in isolation, which is, for the most part, can characterize living in a standalone property. Even though some may consider this factor as trivial, there is no replacing the feeling of living in a community and the sense of security that comes with living neighbors.
#4. Ability To Live In Exclusive Locations – Owing to the fact the cost of purchasing condos and the cost of maintenance of unit is considerably low, this option opens up the possibility of owning a house in very exclusive and often time expensive addresses. Condos allow property owner with no financial muscle to afford houses in expensive location to own houses in these areas. To this end, a property owner can who fancies living near their place of work, transit points, or near shopping center but cannot afford to purchase a standalone property due to the cost associated with purchasing land can opt for the much cheaper condo option.
#5. Access To Extra Amenities – For the property developers to attract property owners to condos, they tend to add enticing features and amenities to the building. Therefore, the vast majority of condos come with extra features that would cost a fortune to install in standalone properties. For instance, it is common to find condos with swimming pools, gyms, and party rooms, all of which makes living in the condos a delight. As you can appreciate, living in condos such as e2 condos yonge and eglinton makes it easy to access these features and amenities at a lower price point.