A condominium, called “condo” for short, is a privately-owned individual unit within a community of other units. Condo owners jointly own shared common areas, such as pools, garages, elevators, and outside hallways and gyms, to name a few. While condos are usually found in high-rise buildings, you can find detached condos in some markets.
First, buying a condo can be very profitable. This is because they provide high prices and high selling rentals. In other words, the return on investment is quite good. However, the resale price and rent you get in your condo depend on the locality. You can buy the best new condos in Mississauga for your family.
Secondly, the condo has a lower purchase price than a single-family home. Thus, you can enjoy the benefits of having a house without having to pay a very high price. In addition to the purchase price, maintenance costs are also low for condominiums. This is because the cost is shared among several people living in the same community.
Third, there are many facilities that can raise your condominium prices or rentals. This includes a swimming pool, tennis court, and gym. The best is you don't need to worry about their maintenance because it is the association work. In addition, this facility can be very useful for you even if you plan to stay in a condo.
Fourth, there is no landscape and page work needed to maintain your property fitness. This is because all landscapes and page work is handled by the association. This is quite useful for people with a busy lifestyle and senior citizens. In addition, good-maintained or outside pages will also help in raising condominium prices.
Fifth, condos are usually located in the heart of big cities. This means that everything from the hospital until the grocery store will be close. It's much better than the home in the suburbs, where you have to go miles even for the smallest task. It will be very useful for you if you buy a condo to live in. Besides that, it will help you get a good resale price.