As people struggle to get on the housing ladder, not everyone can afford to purchase a house in the area they want, with the space they need. So, they are many reasons why buying a condo could be more appealing instead.
Less to insure
As a condo owner, you own your private living space, but have access to other amenities and shared living spaces, that are covered by insurance which comes out of the monthly fees you pay. Because this is divided among all the condo owners in your complex, it works out cheaper.
This only leaves you to find insurance for your condo interior and contents. You can get the best condo insurance from Aviva. Their standard coverage includes contents, improvements such as flooring, and personal liability insurance. You’ll also have the option to upgrade to cover extras such as earthquake insurance, ID theft and water protection.
An active social life
If you’re a social person who loves being around other people, condo living is perfect for you. You get to build a community with your neighbours. Often, there will be events such as barbeques and pool parties, and if you have children, they can make new friends too.
Quite often, people sign up for a gym membership, but eventually cut down on how often they go, or they stop going altogether. Having access to a shared gym and other amenities means you are more likely to make use of them. There is no need to catch a bus or drive to get there. These are all within easy reach of your condo, and you’ll get to know the other people there because they all live in the same complex as you.
The extra security
For people who want to feel secure in their home, a condo can offer extra security such as cameras and an intercom system, preventing non-residents from gaining access to the complex, unless they know someone who lives there. Some complexes even have security guards, so condo owners can feel more secure. If you buy or rent a house, there can be fewer security options without spending a lot of money.
Some potential buyers can be put off by the monthly fees, but this can actually be cheaper than the upkeep of a house when you add up the costs of repairs and improvements. Any work which is done in the shared areas will be covered by the fees you and the other condo owners pay. You also have access to shared facilities which can work out cheaper than paying for these separately.
Condos can be cheaper to buy than a house, and with fewer unexpected expenses to save for, you could be financially better off. The fees cover most things, and with the right insurance for your condo, you will have fewer expenses to worry about.
Owning a condo might not be right for people who prefer their own company or don’t want to share space, but it’s worth considering for anyone who values community and having access to more amenities.