4 Ways You Can Profit Off Your Condo Purchase

An increasing number of buyers are turning to condos. Not only can condos be more affordable than homes, but they offer buyers a turn-key property with minimal maintenance and a higher re-sale value. This article highlights these reasons, and why you should consider a condo for your next purchase.

1. More Affordable

Oftentimes, a condo is much more affordable housing option. When compared to other types of properties (such as detached homes) that can come with a high price tag, condos are viewed as much more attainable.

This is especially true for first time buyers, singles, or downsizers who may not be able to afford more. Those who are looking for a more affordable mortgage payment such as downsizers will likely be attracted to the cost of a condo for sale.

2. For Investment Purposes

Condos make for great investment properties. That’s because, condos often come equipped with ready to use appliances, high end finishes, and functional layouts. This means, that there will be minimal work done to the condo to have it prepared for a tenant. This is especially true compared to a home which may require frequent maintenance and lengthy renovations to get ready for a tenant.

You won’t need to be concerned with maintaining the premises of the property while a tenant is living it. That’s because, the majority of up-keep and maintenance to a condo property is completely by the property manager and covered under the maintenance fees. In turn, making for a virtually stress-free investment.

3. Turn Key Ready

Condos are a great option for buyers who are looking for a turn key ready property
. When compared to homes, condos are often newer and better cared for. That because, the majority of condo buildings have been built in recent years. As well, condos usually have a property management company on hand to handle repairs and upgrades. This can guarantee that there won’t be any major issues with the property once the sale is complete.

However, this is often not the case with homes. Homes can have a variety of hidden issues due to improper repairs or renovations. This additional maintenance can be stressful for buyers who may not be prepared to cover the additional costs. That’s why, condos are an ideal choice for investors or buyers who don’t have additional money to put into the property for repairs.

4. Higher Re-Sale Value

There has recently been a growing demand amongst buyers for condos. This increase in demand, has also led to an increase in their price. But, this increasing price makes it a smart investment choice for people looking at buying a home. That because, buyers who intend to live in the property for a short duration of time will be able to buy it at a lower price, knowing that the value will only increase by the time they are ready to sell.

That’s because condos will only continue to become more popular due to their broad appeal. Condos appeal to a larger demographic of individuals including older seniors looking to downsize, first time buyers, singles, and couples. When compared to other types of properties (such as homes) the re-sale value may decrease. Homes are often harder to maintain and can lose value over time.

A home usually only appeals to a small audience consisting of families and couples. For these reasons, if you are interested in making a sound purchase that has a guaranteed high re-sale value consider choosing a condo.