There are many choices for buying a home: locations to choose from, types of houses, loans etc. If you’re considering the type of home be aware that a single-family house isn’t the only choice. Condos are great to live in as well as for investing. The demand for condos is increasing and may increase the options available to you.

Additionally, we’ve got five reasons to buy a condominium. Check out the following list, and consider which one is more beneficial to purchase a condominium.

1. Lower Price/Down Payment

The first-time buyer may find condominiums cheaper. In many places, condominiums are priced a bit lower than a single-family home and offers just the same amount of square feet.

Lower purchase prices mean less money and lower monthly installments. It will also result in a less down cost. This means you don’t need to contribute enough funds to begin.

2. HOA Handles Landscaping/Improvements

Condos typically come with a homeowner’s association (HOA) which governs the complex or development. HOA guidelines for condo communities may be basic or very complex. Make PineTree Hill to study the rules thoroughly prior to making an offer.

With the addition of an HOA monthly fee, however you can have the association handle all exterior areas of the community, which includes the common roof as well as the exterior.

This can be a huge comfort if you’re the first buyer settling into homeownership. Allow the HOA to do their work! If relaxation and rest are on your weekend agenda, then the HOA costs that are associated in a condominium could be well worth it.

3. Customization Inside

Even though you’re in an apartment, you own a condo. You don’t have to ask for permission from anyone before painting your house’s interior and make minor improvements or hang anything you want.

For those who are first time homebuyers, this can be so exhilarating!

Check with your HOA rules before doing any major repairs to your exterior or making modifications to your home’s interior. It is possible to find out the rules you can do in the CC&Rs.

You’re in far greater control as a condo owner that you could have were a tenant.

4. Community Amenities

The condo communities are diverse, but most offer amenities and common areas similar to the ones is found in apartment buildings.

A few of them are the clubhouse, walking trails or fitness center and if you’re at a condo, amenities like scuba diving and Billiards, and ping-pong. Condos provide amenities that you get through the HOA cost. Single-family homes aren’t very common with all these facilities.

First-time buyers who realize they want to hold the unit for long periods of time can turn these assets into their home for vacation later due to the communal spaces, amenities and all the perks that come in the condo.

5. Investment Property Possibilities

Just as condos can be a primary residence or vacation home as well, they could also serve as a real estate investment.

You may decide to transform your condo into a rental, increasing your income, when you’re ready to move on.

Consult your accountant when you look at the pros and negatives. You can also decide if an investment loan is a good option for you by analyzing the expenses and income.

It is also important to be familiar for your HOA’s rules and regulations to confirm that you are able to rent the condo out to the duration you want. Some HOAs allow long-term leases of one year, but not rentals for condos on a the week, day or month.