Owning a rental property is a great way to develop your net worth and earn some extra income. It comes with a lot of responsibility and can be intimidating especially if it is your first time owning
Perks of Buying a Condo
Dated: June 26 2020
Is buying a condo a better deal?
A condo is a hybrid living space similar to an apartment and a house regarded as a real estate.
Many condos are adjacent to each other so owners are sharing a wall. A high rise condo may also be located above or below of someone else's home too. Condo's share common areas with all the other unit owners in a community including a fitness center, pool, and many other amenities they can offer. They also pay monthly dues to keep these amenities operating and in good condition.
If you are contemplating with the idea of committing to a condo, here are it's pros:
1. Less Maintenance
Other people do the maintenance for you. You don't need to cut the grass, maintain the grounds, fix the roof or sidings, and no shoving of snow. This is good for people who don't have the time to do these home maintenance. It's really a good option for first-time homeowners, people in poor health, busy with work, or like to travel.
Many condos offer great security for having gated or locked entries or even security professionals for residents. Also, you live close to the proximity of your neighbors so you'll have people near you in case of an emergence.
3. Amenities and sense of community
There are plenty of activities to keep you engaged with your community. Most condos offer a fitness center, pool, community clubhouse, and more so it's much easier to get to know your neighbors and keep you engaged with your community.
4. Affordability and appreciation
Condos are priced lower than most single-family homes. If you are searching for your own home with a limited budget, a condo can be a great first step.
Also, in the past years, the market value for condos rose between 2012 and 2017 by up to 38.4% while single-family homes only rose 27.9%.
Many condos are located in or close to downtowns so commute, shopping, schools, hospitals, etc. are accessible. They are located in prime neighborhoods which make them a worthy investment.
If you are looking to buy or sell in Alaska, call or text 907-720-4663 or 907 570-6757.
Vanna has called Alaska home for the past 15 years. As a mother, real estate investor and previous business owner, Vanna brings many different perspectives when working for her clients. She has been a....
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