Condominium Concepts Management

Why a Condo Is a Good Investment

Posted on January 12, 2012

As you search for a new place to live, you may want to consider that the property you buy is more than a home for you and your family - it is an investment of money that will hopefully appreciate over time. The location of your house or condo, the condition in which you keep the property, and the improvements you make to the exterior and rooms all play important roles in the increasing value. Condominiums in particular provide terrific opportunities for investors, so whether you're looking for a place to live or a way to see a good return on a payment, here's why you should consider a condo.

  1. Condominiums may be easier to maintain than houses. When you buy a condo, you will be responsible for the upkeep of where you live, yet there are some things you need not worry about. Landscaping and general contracting typically fall to caretakers hired by the condo board, and things like exterior painting, garbage disposal, and even water and gas may be covered in your condo fees. It's important to find out exactly what you're paying for when you write those monthly checks.
  2. Condominium complexes are typically built in ideal locations. Ever dream of a condo on the beach, or overlooking a gorgeous view of the mountains? Condo developers usually seek out prime land for building their communities, so if you want to live in a nice area of town you may find what you need in a condo.
  3. Condos make for great rental opportunities. If you plan to move away, you may want to consider renting out your condo rather than selling it. Renting out your property could bring in as many as four figures a month, which could go toward the mortgage on your next home or as a nice supplemental income. Depending on where the condo is located, it may rent nicely as a vacation condo over the summer or winter. You may need to check with the community with regards to regulations on renting property, however.
  4. Condos may be generally safer than other types of property. This is not to say that people don't break into condos, but if yours is located in a gated community with security you will find your property is probably more desirable to a potential buyer or renter.

As a real estate investment, a condo can provide you with many opportunities for income. Before you sell, consider your other options.

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Condos And Lofts For Active Senior Citizens

Posted on December 23, 2011

Your kids are out of the home. You are fully retired, or perhaps working somewhere a few hours a week just so you can keep yourself busy. You want to travel, or at least have that option. That home maintenance you used to relish? Not so much anymore. For many people, the senior years mark a time of changes. Many want to simplify things so they can focus on the good things in life.

That is why many active senior citizens decide to live in lofts or condos.

In many cases, there are buildings specifically for seniors. Or if they are not meant just for seniors, many have senior-dominated resident populations. A good real estate agent will be able to point you in the right direction. Of course, some seniors have no interest in living only with other seniors and may want to live in a downtown-type condo that generally would cater to a younger crowd.

So why might active senior citizens choose to live in a loft or condo? There are a few reasons:

Activities
If you choose a building that is home to many other seniors, there very well may be organized activities that cater to seniors. Those include activities like book clubs, card games and movies. There also may be designated social spots and times.

Fitness
Maintaining their physical health is important to many active seniors. The fitness rooms and pools that are relatively common features at many condo buildings makes doing so easy. Plus, outside of your association fee, which covers such amenities, there is no membership fee that you would pay to join a gym.

Relax
Perhaps the top reason seniors choose condos or lofts is because of the reduced maintenance. There is no lawn to mow or driveway to shovel. There is no need to worry whether the bushes need trimming, or the house needs painting. The association takes care of all such maintenance, giving seniors more time to focus on enjoying life. In addition, many seniors choose condos or lofts that are smaller than their original house, so keeping their homes clean is not as time-consuming.

Community
Seniors who choose to live in places where lots of other seniors live often develop a strong sense of community. That is not surprising, given that they share many spaces with other people, and that they probably have even more opportunity for conversation than people who live in a neighborhood of single-family homes.

Options
There are condo and loft buildings in a wide variety of urban areas. Some are right in the middle of the downtown hustle and bustle, while others are further away but still provide convenient access to the downtown arts, restaurants and sporting events that many seniors particularly enjoy.

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Pros and Cons of Condo Living

Posted on October 29, 2011

The decision to buy a condominium involves careful planning to ensure that the buyer acquires the perfect home. Owning a condominium can provide numerous lifestyle benefits but also involves certain responsibilities that should be clearly understood prior to purchase.

Condominiums are unique in that residents own everything inside their unit but the building's structure and the accompanying real estate are owned collectively. This arrangement combines the equity and appreciation characteristics of home ownership with a substantially lower entry price.

Many condominium communities also have a variety of amenities such as a swimming pool, fitness rooms, tennis courts and a clubhouse. These same services obtained through a private club membership would cost substantially more.

Perhaps the greatest advantage in condominium ownership is being relieved from the burden of maintenance. Landscaping and building repairs are carried out regularly to retain the appeal of the property. 24/7 security is also is typically provided as part of the service. Just think, no more cutting the lawn!

It is important to recognize that since condominiums have collective ownership, their homeowners associations are generally much stricter than those in single family neighborhoods. Monthly association fees can also fluctuate as board members establish their annual priorities. Some associations even require board approval before a unit can be sold.

Since the units share common walls, floors and ceilings, noise traveling through poorly constructed buildings can become extremely irritating over time. The lack of any type of yard space and inadequate storage are some of the other negatives associated with condo living.

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