When people want the convenience of living without the hassles of regular homeownership, condo living is the way to go. Condo owners can enjoy a guaranteed sense of security and security in knowing that the building they have purchased is insured against such things as fire and natural disasters, but most importantly, condo owners are required to pay a monthly fee on top of their mortgage rates, thus meaning that they have no home owner’s taxes to pay on their home. No repairs are needed and all expenses are paid by the condo association.
Condo living is popular, especially in areas that are booming and have the promise of urban living within just a few minute’s drive. Many people find that instead of actually moving out of the house that they have lived in, they can actually move into a condo and enjoy city living. Since the summer of 2007, more condos have been sold in the United States than any other type of home, according to the National Association of Realtors.
With recent economic indicators pointing upwards in the future, no wonder out-of-state owners have been rushing to buy condos. With its lower home owner’s taxes, no mortgage fees, and all the other benefits of condo living, there is no wonder why a record number of people are turning to condo living. In less than two years, nearly sixty thousand new units have been sold in the state of Florida alone.
Condo living is more than just a trend that people are choosing; in fact, condos are in a unique position to increase in value and increase in appreciation. After all, not everyone who buys a condo does so just for a place to live; many choose condo living solely as an investment.
Unlike other forms of real estate, condo owners are not required to give up any portion of their condo rights. In other words, if a condo owner wants to relocate, they are entitled to rent or sublet their unit as long as it is not for your use. And if they choose to keep the condo as a rental, they will still be able to claim their condo expenses.
One of the most popular reasons for condo owners to purchase is the lack of maintenance obligations that go with single-family houses. If a condo owner chooses to look after the exterior or yard of his or her condo, it is likely that obligations for maintaining other parts of the house will not occur.
If a single-family property owner is repairing a roof or taking care of plumbing issues, they will often need to hire professional help. A condo owner is not responsible for these maintenance issues.
Another plus for condo owners is that they are surrounded by neighbors who are very close by, if not right down the street. If a problem arises, all it takes is a little call to the condo association to resolve the issue. In case of a noise problem, many condo owners will be able to turn to the condo association, resolve the problem, and pass on the savings back to the condo owner.
Condo owners can also often find their condos are in established and up-and-coming areas, prices are often more reasonable than any home in a traditional neighborhood, and condo fees are typically cheaper. Apart from the financial advantages, many homeowners are also choosing condos because their home is protected by insurance from the same liability coverage that their condo acquired.
With its growing popularity, condo living is the best option for many families and retired couples. With its convenient location and established, up-and-coming neighborhoods, condo living is desirable and attractive right now. So if you’re thinking of adding a little piece of paradise to your life, there’s no reason to wait. Start investigating the possibility of condo living today and you may soon be packing up and moving into one of the many new condos for sale today.