There are many reasons for buying a condo instead of a house. They make great affordable first homes. They also make great "last homes" if you are downsizing from a large family house to a smaller residence.
One huge advantage is no exterior maintenance worries, however at the same time the homeowner or monthly condo fee you pay for such convenience if say your condo has a swimming pool could be higher than other available condos.
The biggest disadvantage is the condo fee cannot be deducted from your income taxes. If you lived in a single family home, maintenance is not deductible either, but you might have better control on whether you want to cut your grass or paint the exterior bec each decision(s) comes from your wallet so the real question is whether it bothers you paying the monthly condo fee x 12.
The many reasons for buying a condo instead of a house include:
• Usually less expensive than buying a similarly sized single-family house.
• Condominiums are often located convenient to centers of employment and shopping.
• Some of the amenities include 24-hour concierge, high-tech security surveillance, recreation and fitness facilities plus the convenience of not having to shovel snow or cut grass.
• Exterior maintenance is the responsibility of the condo homeowner's association.
• The security of leaving your condo for an extended period without worry (called "lock and leave").
• Homeowner tax benefits similar to houses.
• Pride of ownership from being an owner rather than a renter.
• Potential resale profit as the condo appreciates in market value. However, local supply and demand greatly affects this last potential advantage.
One huge advantage is no exterior maintenance worries, however at the same time the homeowner or monthly condo fee you pay for such convenience if say your condo has a swimming pool could be higher than other available condos.
The biggest disadvantage is the condo fee cannot be deducted from your income taxes. If you lived in a single family home, maintenance is not deductible either, but you might have better control on whether you want to cut your grass or paint the exterior bec each decision(s) comes from your wallet so the real question is whether it bothers you paying the monthly condo fee x 12.
The many reasons for buying a condo instead of a house include:
• Usually less expensive than buying a similarly sized single-family house.
• Condominiums are often located convenient to centers of employment and shopping.
• Some of the amenities include 24-hour concierge, high-tech security surveillance, recreation and fitness facilities plus the convenience of not having to shovel snow or cut grass.
• Exterior maintenance is the responsibility of the condo homeowner's association.
• The security of leaving your condo for an extended period without worry (called "lock and leave").
• Homeowner tax benefits similar to houses.
• Pride of ownership from being an owner rather than a renter.
• Potential resale profit as the condo appreciates in market value. However, local supply and demand greatly affects this last potential advantage.
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