Are you aspiring to buy a condo? Well, condos are plush residential units and these have always drawn investors, courtesy their cutting-edge ambience. There are some excellent perks of buying a condo. But there are certain limitations as well. The post below offers a brief on both the advantages & disadvantages of buying a condo so that you can take an informed decision.
Perks of buying condo
A condo assures stress-free maintenance. From mowing the lawn to maintaining the swimming pool, everything is taken care of by Condo Community Association. You will simply have to pay a monthly fee and everything will be taken care of seamlessly.
Lower price and carries grants
You will be delighted to know the purchase price of a condo is always lesser than single-family homes. Moreover, some new condos come with CPF grants for buyers. One great example here is the Piermont Grand EC in Singapore. Besides, as a condo owner you won’t have to worry about dwelling insurance. Moreover, condo landlords are not even liable for the contents of tenants residing in their condos.
A beautiful aspect of a condo is that it hosts and is surrounded by lavish amenities. From swimming pools to clubhouses to exercise rooms- you have everything here. Moreover, most condos guarantee 24/7 security.
Limitations of buying condo
While condos assure less maintenance hassles, these properties often command hefty Condo Community Association fees. If one condo unit owner is unable to pay his part of the fee any time, the fees will rise and others will have to bear the cost.
Difficult for short-term sell
If you are planning to sell your real estate investment in a short while, condos won’t be the right choice for you. Unlike homes, these properties are difficult to sell in a short term.
Condos make great investments. But you should consider the pros & cons first before rushing to buy a condo.