When it comes to searching for a new home, the type of residential property you would like to live in should be one of the first decisions you make. There are several benefits associated with each but condominiums, in particular, are experiencing a rapid surge in popularity. A condominium is a collection of separately owned units within a private or government-owned building. They benefit from common areas and shared amenities. Continue reading to find out everything you need to know about condominiums and why you should consider one during your next property search.
A great choice for first-time buyers
A condominium is a great choice for first-time buyers looking to take their first step onto the property market. They benefit from a wide range of family-friendly amenities such as cinemas, on-site daycare facilities, playgrounds, games rooms, and even pet spas. They tend to be relatively cheaper than detached homes and are a great way of easing you into the process of owning your own home. When compared to single family homes, the cost of owning a condominium typically appreciates at a slower rate. This makes them an attractive choice for a growing number of first-time buyers looking to purchase their first home in a rapidly expanding real estate market. If you are a first-time buyer looking to relocate to Singapore and purchase your first property in the Garden City, consider a daintree residence.
As a vacation property
If you are drawn to the bright lights of the city but want to continue living in the suburbs, a condominium can be a great vacation property. A growing number of people are choosing to invest in a condominium as a second home for themselves and their families. While hotels and Airbnbs are also a solid choice, they do not contain a number of home comforts that a second vacation property can provide. By investing in a vacation property in a desirable location, you will always have a place to stay. With no need to worry about securing hotel reservations during peak seasons, you can build a second home base and make new memories with your loved ones. It can even be passed down to future generations as a family heirloom.
You may be responsible for the interior of your unit, but any exterior maintenance will usually be carried out by building management or external contractors. This is why condominiums are a popular choice for frequent travellers or tenants with busy work schedules. While some people enjoy getting their fingers green, others view garden maintenance as nothing more than mundane and time-consuming. With no need to keep up with overgrown lawns, leaky roofs, overflowing gutters, shovelling snow, or loose or cracked siding, you can free up time to enjoy the finer things in life.
An introduction to city living
Most condominium buildings are located in sought after city centre locations. This allows for greater access to the wide range of services and amenities city life has to offer including shopping malls, restaurants, bars, clubs, cinemas, theatres, and transport links. With no need to commute across town to pick up the weekly grocery shop or to get to and from work, you can save a considerable amount of time as well as money. Small families can also experience what it is like to live in a city but with additional family-friendly amenities. For example, cities tend to be devoid of little or any green space. With many condominium buildings offering a wide range of parks and play areas located both inside and outside, tenants can benefit from the best of both worlds.
Lower monthly payments
With less indoor and outdoor maintenance and no need to splash out on public transport to get from A to B, condominiums make greater financial sense. Mortgage payments on a condominium also tend to be relatively less than mortgage payments on a detached family home. It is also often less than monthly rental costs on a high-rise apartment of a similar square footage. This is due to a number of reasons. Money invested in a condominium by a lender is less than that of a home and the repayment terms tend to be affordable for low-income families as well as first-time buyers. As a result, lending institutions are more likely to look favourably upon condominiums compared to a number of alternative accommodation options such as terraced housing or detached properties.
When it comes to buying and selling, a growing number of property seekers are deciding to invest in a condominium unit. There are a number of reasons why. As a great choice for first-time buyers, a suitable vacation property, less maintenance involved, an opportunity to live in the city centre, and lower monthly payments, the benefits far outweigh the disadvantages.