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Why Invest in a Condo? Our 5 Reasons to Buy!

Thursday, October 19th, 2017 at 12:19pm Engel & Völkers Seattle Eastside

Here are our top 5 reasons to look at purchasing a condo!

 condominium engel volkers

Maintenance

Low maintenance living is one of the top reasons that buyers choose to invest in a condo as opposed to a house. A condo is a practical solution for those who hate yard work or simply don't have enough time to do it! Condo associations manage many upkeep aspects of homeownership, specifically regarding outdoor or community spaces. They can manage items such as exterior painting, roofing, lawn mowing and maintaining amenities.

 

Amenities 

Many condo associations not only provide a living space but can include special amenities that could be too expensive for an individual home owner. Some condos come with access to shared amenities such as a community pool, fitness center, golf course, spa, party/banquet rooms, parks and other little luxuries. Whats more, you do not have to worry about upkeep for these perks! 

 

Location

A single family home in a luxurious location might be out of reach price-wise, but a condo is a viable alternative for a fraction of the cost. If you are wanting to live in an exclusive beach front community or a popular ski resort, homes in the area can be millions of dollars. However, a condo unit on the same street could ask less than half that price! You can have the luxurious lifestyle in almost any location without the luxury price tag.

 

Price 

Depending on the market, the price of a condo unit can be significantly lower than other types of real estate, such as a single family home. You can get the same square footage or number of bedrooms in a condo as in a home and pay less for it. And unlike an apartment, a condo is an investment that appreciates over time. You can still enjoy the conveniences offered by an apartment but you own your unit. Furthermore, depending on the HOA rules at a given condominium community, you may have the option of renting out your unit and earning rental income. 

 

Community

Many condominium associations provide a variety of social events and activities for unit owners. This sense of community is very attractive to some buyers. It allows neighbors to get to know each other more than a neighborhood of single family homes might. If you are looking to socialize more, purchasing a condo can quickly provide you with a whole new group of friends to enjoy!

 

Be sure to read our latest condo market update here

Engel & Völkers Seattle Eastside

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