10 Advantages of Owning a Condominium

When you’re in the market for a home, you have the advantage of choosing between buying or renting a traditional detached residence, renting an apartment or condominium ownership. Although there are advantages to a traditional home in a traditional neighborhood, there are also many advantages to owning a condominium as well. Here are ten advantages of owning a condominium over renting an apartment or buying a traditional home.
Price. The price per square footage of a condominium is often less than the cost of a similar detached dwelling. Your monthly payment on a mortgage will usually be less than you would pay for rent on an apartment of similar size and quality as well.
No lease. When comparing condominium ownership to leasing an apartment, one of the advantages is that you have a long term mortgage. You don’t have any concerns about lease renewals. Many apartment leases also require approval for each individual that lives in the apartment. A condominium belongs to you and you can share the space with whomever you choose.
No exterior maintenance. This is one of the biggest advantages of owning a condominium over a traditional home. No lawn to mow. No roof to repair. No sidewalk to shovel. No painting or staining of siding. You have a pool available but you’re not responsible for cleaning it.
Community amenities. Condominiums come with a variety of amenities that are owned cooperatively by all of the condo owners. A swimming pool is pretty standard but many condominium owners also have other amenities available for them such as racquetball courts, gas grills, community gathering rooms and exercise rooms.
Freedom to remodel. This is another advantage of owning a condominium versus renting an apartment. The owner can change anything or everything within the space they own, no permission needed. You can replace appliances, cabinets or flooring. You can even add or remove walls. It’s all up to you and what you can afford.
Social advantages. A condominium neighborhood has social advantages over both apartment living and traditional home neighborhoods. Because the residents are all owners, you generally have more long term neighbors than in an apartment building. The shared ownership of the amenities and close proximity of the living quarters further fosters socialization between condo owners.
Location. Many people choose condominium ownership for the urban location. If you want to be close to the action, condominium buildings are usually a much better choice than detached dwellings which are often located in the suburbs.
Security. A condominium building provides an extra level of security for your home. Entrance must be gained first through the common entrance and then your private entrance. In addition, neighbors are likely to notice individuals that are out of place within the building.
Tax advantages. Since your monthly payments include mortgage interest, condominium ownership provides a significant tax deduction. Any tax advantages that are available to a traditional homeowner will also be available to a condominium owner.
Investment potential. Condominiums, unlike apartments, are an investment in real property. You can make improvements that will increase the value of your property and realize the profits from those improvements upon your sale of the property. Even without improvements, an owner has the potential to make a gain on the sale in the right economic climate.
There are definite advantages to condominium ownership over the leasing of apartments, but there are also advantages to owning a condominium over a traditional dwelling as well.