When buying a home, there are numerous options: locations the type of house, type of loan, and much more. Remember that PineTree Hill Condo -family homes aren’t the only option when it comes to choosing homes. Condos are great for living as well as for investing. The market for condos is growing and can increase your options.

We’ve also got 5 more advantages to buying a condo. So take a read before deciding if it’s more beneficial buying a condominium!

1. Lower Price/Down Payment

Condos can be a more economical option for those who are first time homebuyers. A condo can be priced cheaper than a home with a large yard and offer the same amount of living space.

Lower purchase prices mean a smaller loan and smaller monthly payments, but it will also result in a less down cost. You know what this signifies: You won’t need to raise as much cash to move forward!

2. HOA Handles Landscaping/Improvements

Condos almost always include a homeowners’ association (HOA) which oversees the building or complex. There are HOA guidelines for every condo communities that range from very simple to very elaborate, so it’s a good idea to review the rules prior to offering.

By charging an HOA monthly fee, however it’s possible to let the association manage all exterior areas of the community, which includes the roof that is common to all, as well as the outside.

It can be an enormous relief if you’re a first-time homeowner. Let the HOA fees do their work! If you want to relax and unwind important to you and you’re looking for a relaxing weekend, the HOA charges that come from a condo could be worth the cost.

3. Individualization inside

They are apartments that have condos however you own them. There is no need to get anyone’s permission before you paint your house’s interior or make a few minor changes or even hang whatever you wish.

This can be a thrilling experience for a new homeowner!

Check with the HOA rules before doing any major changes to your property’s exterior or changes to your interior. The CC&Rs (covenants, conditions and restrictions) will explain the rules and restrictions that are permitted.

The condo ownership option gives you much more control than you had as a renter.

4. Community Amenities

There’s lots of diversity among condo communities. However, many offer common areas and amenities similar to those you’d find at apartments.

These amenities might include a swimming pool, clubhouse or fitness center, walking trails, or groups of recreational events. Condos provide amenities that you get through the HOA cost. Single-family houses aren’t often able to come with these features.

Some first-time buyers who know they’d like to keep the unit for long periods of time can make these units into vacation homes down the line due to the communal locations, amenities, as well as every other benefit that comes with the unit.

5. Investment Property Possibilities

Condos aren’t just fantastic places to reside, they can also be a sound investment.

Once you’re ready for the next step of your homeownership journey it’s your choice to let your house go or turn it into an investment property that you can rent out, which will add an income stream.

Be sure to consult your accountant as you look at how you can weigh the pros and cons, and choose how income, expenses, or perhaps a home investment loan may be beneficial for you.

It is also important to be familiar for your HOA’s rules and regulations to confirm you’re allowed to lease the condo out for the time you’d like to. Some HOAs are fine with longer-term, one-year leases. However, some don’t allow condos to be rental by the hour and week or even month.