One of the main goals in a person’s life is to finally have a place they can call their own. Having his own house is a clear indication that he has already done a lot in his life and is stable enough to be considered a homeowner. However, planning to purchase your own home is difficult, as you need to consider whether you would like to have a traditional home and lot, or have a condominium unit. While most people would normally choose a home and lot, there are many benefits to choosing to invest in a condominium. These are some of the advantages of living in a condominium.
Guaranteed security. Many people find condominiums more attractive than a house on a lot. This is because they are easier to maintain. Condominium units are also easier to protect and therefore the safety of your family members is ensured when you live in one. Although you may choose not to have CCTV cameras inside your unit, the hallways on each floor are equipped with multiple cameras so building security personnel can easily monitor people entering and exiting the condominium building. Some of the most luxurious buildings have top-notch security systems that will put even the most meticulous and paranoid unit owner at ease. He can even tell his building security staff to only allow a limited list of people to come in and visit him.
More affordable. Since a condominium unit does not involve land ownership, buying one is relatively more affordable than owning a home on a lot. If your condo is within the city, you can do without having your own vehicle since you can easily walk or take the bus or subway to and from your unit to your place of work.
High resale value. If your condo is in a great location, you can be sure it will fetch a high resale value should you want to sell it in the future. You can also get a high value mortgage on your unit in case you need a loan.
communal benefits. Another advantage of having a condominium is that the shared or combined ownership of the building will allow the owners to have free access to existing facilities and services, such as the gym and swimming pool. However, you should also be careful when you live in a condominium; you will have to pay HOA fees or Home Owners Association fees. Fees collected through the HOA will be used to improve and upgrade shared facilities and building security.
Location and accessibility. Owning a condominium unit within the city will give you an enviable location and easier access to your workplace and other business establishments without having to make a long commute. If your condo unit is within the city, you no longer have to get up too early to avoid rush hour traffic. Also, if you are the person who enjoys nightlife, having a condo unit will allow you easier access to the best clubs and nightlife venues.
