Ten Good Reasons to Invest in a Condo
3/28/2016
If you wish to purchase a condominium but are
still having second thoughts, then here are ten beneficial reasons you should
consider before making a decision:
You Get to Have Your Own Real Estate Property
Why pay for someone else’s mortgage when you can
pay off your own? Investing your money in acquiring a real estate property is a
better decision to make, rather than just rent a flat or a house. Not only will
its value appreciate each year, but more importantly, you get to pass on
something valuable to your future generation. Besides, owning something can be
your bragging rights.
Have More Space for Less
Purchasing a condominium
for sale can be a more affordable option on Property
Guru especially if you are investing in your first property. You can find a
unit that has the same space as that of a single-family home, but at a lower
cost. Aside from that, a lot of developers now offer a lower down payment and
more flexible payment options for purchasing a condo unit.
Access Top-notch Amenities at a Low Cost
A great perk about purchasing a condo is enjoying
first-class facilities and amenities right at your doorstep. You can always
take advantage of these anytime without having to worry about its upkeep. Of
course, you would still have to pay some maintenance fees, but it is way more
affordable than setting up your swimming pool at home or enrolling in an exclusive
gym.
Pay
Only for Minimal Maintenance and Utility Costs
In a typical house or apartment, you have to
shoulder all the expenses for repairs and maintenance. But when you stay in a
condo, you get to share the building utility costs with other homeowners. Also,
owning a condo offers a practical solution for people who would like to do away
with the usual chores and focus on their careers instead.
Resell it at a Higher Value
Unlike a car, which decreases value every year,
the sales value of a condo increases over time. Of course, you have to take
into consideration the inflation rate, the improvements done to the building,
as well as its location and overall popularity. In fact, Business
Insider says that while current property prices in Singapore are falling by
eight to ten percent, they will significantly increase again in the next couple
of years. If you have to choose between investing in a car or a condo unit,
always go for the latter.
You Can Have it up for Rent
If you prefer a continuous cash flow instead of a
one-time big sale, you may also choose to rent out your condo. It is a
profitable way of maximizing your ownership, and it’s relatively easy to do. The
occupancy rate for condominiums increased
by as much as 92.8 percent
during the first quarter of 2015, and people opting to rent condos are expected
to rise as new buildings are being developed continuously. Also, offering your
unit for lease may ease you from taxation burden. Keep in mind that as a
property owner, you would need to pay for property taxes. But when you have
your condo rented out, you can have your lessee shoulder part of the taxes.
Live Near Your Workplace
Since most condominiums are conveniently located
in the metro and are usually near the business districts, you won’t have to
spend too much time on traveling to work. Also, you get access to various
commercial establishments and enjoy a vast array of cultural and sporting
events you would not usually bother going to if you need to commute regularly.
Have a Stronger Sense of Security
While living in a house can provide privacy and
security, it would still mostly depend on the location and the neighborhood.
Residing in a condo, however, can guarantee a more secure environment since
only residents are allowed to enter, and visitors are screened thoroughly.
Use it as an Office
Space
A lot of businesses are now choosing to set up
their offices in condos. Since most of them are located near business
districts, condos can be a practical and viable choice for a venue.
You Get to be Part of a New and Active Community
If you are looking for a way to socialize
more, then living in a condo is a good option for you. When you buy a unit, you
are also buying into a community. Purchasing a condo does not only help you
make new friends fast but more so allows you to establish
stronger relationships with shared experiences and responsibilities.
Buying a condo is more than having a place of
your own; you’re also acquiring an asset that will be of great value to you.
Choose to invest in a property that suits your needs and lifestyle.
The article is contributed by Spencer Josan.
Thanks for reading! ❤
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