Buying a home is a big deal. It’s a decision you want to get right but with so many choices, it can be a bit difficult. One option in the market that’s worth looking into is a condominium. Arguably, it is real estate that directly blends lifestyle with affordability all along the real estate spectrum, from economic buys to vacation properties to luxury options.
Reasons to Consider A Condo
One of the reasons to consider condos is the access to attractive amenities and facilities that might otherwise be unaffordable or come at a premium in other forms of ownership such as a single-family house. Features such as swimming pools, tennis courts, and even beach access are often included in a condominium purchase. Sometimes, there is a gym and fitness center, recreation center, park or green space, etc. Also, unlike a private home, maintenance will be taken care of by a homeowners association including landscaping, roadways, lighting, and more, sparing owners themselves from the time and energy needed to monitor and coordinate all the upkeep.
Along the same line, the single greatest influence on real estate is location, location, location, and coveted locations can also be more affordable with condos. It’s no surprise then why this specific type of ownership has grown exponentially over the last ten years and in desirable areas such as Cable Beach, Love Beach, and other areas on the western side of New Providence. Several of the Family Islands have also had anchor communities based on this concept over many years such as Bimini and Abaco, and new options are emerging that continue the trend.
Advantages of Condo Ownership
Another advantage to condo ownership that is worth consideration is security. Many have controlled entry to the property and around-the-clock security personnel to ensure residents are safe at all times. This can be especially important to single professionals, families, or more mature buyers transitioning into retirement.
A consideration is one that could easily be overlooked but recent times have underscored its value -a feeling of community. While some consider the closer quarters of condo living a drawback, seeing a familiar face, sharing some facilities and amenities, or having a trusted neighbor hold a spare key can add to a sense of community. Community is an often underrated pillar to the best of lifestyles.
One final point is that condos, under the right circumstances, typically have good resale potential or can be rented for cash flow income, which means that it could be a good investment vehicle as well. Get input from residents and real estate professionals familiar with the community if investing is a significant motivation to your purchase.
There are potential drawbacks to condominiums but this is true of all property in real estate. Ultimately, it comes down to what you want and consider to be important. Condo living can be a good real estate option. Weigh what you’re seeking to meet your needs and lifestyle against the overall costs. Whichever course of action you choose to take, make sure to consult an industry specialist for expert advice like the team at Better Homes & Gardens Real Estate.