It is hard to think of a property that is more ideal for investments than condos. When looked at in comparison to a single family home in terms of cost to maintain and upkeep, there is really no comparison. While condos do have a certain number of costs associated with ownership, it seems paltry when compared to the weekly upkeep, property taxes and utilities of a larger home. Now, understandably some of these things would fall to the tenants to take care of, but there are still things like yearly property tax, minor fixes and maintenance of things like the roof, fences, plumbing and electrical systems. In a condo these things are all taken care of via the monthly condo fees and are seen to by the owner's association.
There is another aspect to condos that have helped them to become one of the best investments going.
That fact is the popularity of condos and the huge call for them. It seems that all across the country that condos are going up faster than they can be sold. Most new developments are sold out long before they are completed. The skyline of most major cities has changed drastically over the past few years with new high-rise complexes going up in every available space. Not only are these condos changing the way we live in an urban setting, but they are bringing much more to the bargaining table then ever before. Condos have really developed into a whole new lifestyle option for home buyers. With spas, fitness clubs, meeting rooms and many other assets; condos have solidified their place as one of the best housing deals going.
Another nice selling point of condos is the fact that they have a lower entry cost than most single family homes. Homes are costing more and more as the price of living increases. Many condos start around the $100K mark and it is possible to find conversions for even lower prices. Conversions are becoming one of the most sought-after investments by investors who are in the know. These condos offer great value and an attractive price. They may not have all of the valuable extras that the new complexes can offer but in terms of a great place to live they fit the bill quite nicely. If you are looking for a great investment or just a great home, be sure to check out what the local condo market has to offer!
