A condo may be a smart choice if you’re considering buying a new home. These are often more affordable than single-family houses and they offer multiple conveniences. These can include pools and fitness centers-things that you may not have been able to afford otherwise. Here are some of the main reasons to buy a condo.
The one thing that you are going to notice about condo developments is that you get to have access to special amenities that you may not be able to afford as a single house homeowner. With condos Ottawa, you have access to golf courses, swimming, clubhouses, tennis, pools, fitness centers, and even the actual location can become an amenity, such as a beach property. This can be more favorable in terms of rent when it is shared by multiple people rather than one person.
The one thing that you are going to notice about condo developments is that you get to have access to special amenities that you may not be able to afford as a single house homeowner. With condos, you have access to golf courses, swimming, clubhouses, tennis, pools, fitness centers, and even the actual location can become an amenity, such as a beach property. This can be more favorable in terms of rent when it is shared by multiple people rather than one person.
It’s not easy to find a home in a luxurious location that is affordable for a single house homeowner. These locations can be beaches or ski towns and owning a condo can be an alternative that allows you to live the lifestyle that you want at only a small amount of the cost. Homes on popular beach locations might cost upwards of one million dollars. Condos at the same location could behalf or even 1/3 of the cost. However, the HOA fees will add to those costs, so make sure you go over the numbers to get a good comparison.
Tax Advantages & Equity
If you are contemplating between renting and purchasing, it’s noteworthy to say that there are two advantages over renting financially. You have the chance to acquire equity and you can take advantage of deductions on tax for property taxes and interest on mortgage. If your mortgage payment is around the same price as rent, it might be a good idea to buy rather than rent.
Some buyers make the decision to purchase a condo in hopes that the value will increase over time and they can use it as a way of earning income. Condos do gain value over time, but it’s significantly slower than single-family houses. Most of those who are looking in condos as an investment will choose to turn a profit on the rental chance rather than wait for the condo to increase in value.
Ottawa condominiums that are on the beach can bring in upwards of a few thousands of dollars per week during the warmer months. During the winter months, the condos located in ski towns can bring in just as much profit. If a unit has been rented before, the seller should be able to give details about the rental income as well as the amount of days out of the year that the unit has been rental and the collected fees. The income from the rent during peak season may pay an entire year’s maintenance costs, which will give you use of the property for free during the rest of the year. You can also gain some income on the side.
One of the largest advantages of purchasing a condo is that the single owners aren’t responsible for maintaining the building, area, or the grounds. For most, this is a huge benefit because it can give you more time for other activities. For others, it is a break in return for the home maintenance done over the years. Generally, the monthly fee covers the expenses that come with the maintenance and repair of central services, grounds, community facilities, and parts of the unit.
Price may be a deciding factor when choosing a condo over other kinds of real estate, such as single-family homes. In some areas, homes are larger and costlier while condos that are smaller are more affordable. This doesn’t always remain positive in all markets and you should always ensure that you consider the HOA fees when comparing your costs.
One other thing worth mentioning is that some markets have many co-ops, which can be more complicated to sell and buy. Generally, they have more restricting rules. In exchange for the ease of ownership, condos may sell at a premium in such markets.
Condo ownership is very flexible. There is minimal maintenance and they are easier to leave unoccupied while you travel. These can also provide more flexibility when it comes to finding renters while you are away. Condos are more flexible when it comes to subletting, making them more favorable to snowbirds and other travelers who might want to rent out their Ottawa homes while they are gone.