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Are Condos
A Savvy Purchase?
By SARAH VULPIO
If you want to invest in a place to own but are still not ready to buy a house, you might want to look into buying a condo. Condos are not rented like apartments, but they are still managed by a homeowner association that may turn some people off, so here are some pros and cons to help you decide.
Many condo parks now include concierge services that could help you with shopping, errands, recommendations, reservations, home maintenance, and security services, but this often includes an additional price. They also have built-in security systems that can offer 24/7 security, surveillance cameras, and alarms so you can feel safe in your home.
Condos have a lower appreciation value than single-family homes, and it can be more significant based on location, property maintenance, and your community’s amenities. The average appreciation value for condominiums between 2010 and 2016 was 3.4%, and single-family homes had an average of 4.7%, due to buyers wanting to invest in home renovations instead of condo fees.
A definite downside to condos is their lack of storage and space, so you might need to rent a storage unit if your condo park doesn’t offer additional storage. Parking is also not very accessible, and typically, you will only be offered one parking space, while any other cars will need to park on the street.
However, if you are looking for a place with a lot of added amenities, then condos might be the best choice for you, as you get to enjoy them without having to pay for expensive upkeep and maintenance fees. Most condo communities include a swimming pool and private gym, but some even include cafes and common spaces for gatherings.