October 16, 2018

Real Estate

Are Condos Worth It? An Evaluation

If we think about the time during our parents and grandparent’s early adult life, their ultimate goal and priority was to be financially stable enough to buy a house of their own, and that is why almost all of us grew up in a house in the suburbs with the backyard and white picket fence. However, trends have changed a lot over the years, and because of incidents like the housing crisis followed by the increased prices of houses, the coming generation was not as invested with the idea of buying a house because of how risky it was. Even today, you will find that the number of people buying houses has decreased, and people are now moving towards buying condos instead. M City happens to be one of the many condominium projects being launched recently, and you can check out their floorplan and bookings online.

Condos are comparatively a lot more affordable than houses, so that is one major advantage that you get out of it. However, at the same time, condos do not appreciate as quickly. In fact, depending on the location, the developer and a lot of other factors, it can still take years for the price of your condo to appreciate, and it will not even be a significant increase either. So, it is not a good investment for people who might want to sell it in the future. Secondly, while condominiums do offer amenities like a shared pool or a fitness center, exterior maintenance and so on, you still have to pay an extra fee for all of it every month regardless of whether or not you use those amenities. So, aside for the mortgage payment every month, you have to pay an additional HOA fee as well. So, keeping these things in mind, you can work out whether or not condos are for you.

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