Condominiums or condos are a type of residential structure similar to an apartment except that the units may be bought and sold separately and are more often lived in by owners instead of renters. In some cases, a private owner purchases one or more condo units for the purpose of renting them. There are several advantages to owning a condo over other types of property including access to condo property management to handle day to day operations of rental properties.
Top reasons to buy a condo: condo property management
Condos are typically more affordable than single-family houses. Comparing the costs of single-family homes and condos in the same location will clearly illustrate this cost difference. However, it is important to note that the costs of condos and other types of houses vary widely by location. In addition, it would cost much more to buy a single-family home with the same amenities that are included in a condo community.
Condos tend to be smaller in square footage, and are less likely to have a yard or personal garage but they often make up for this with the amenities found in common areas and the maintenance provided to exterior areas. Condos often come with amenities including fitness centers, Jacuzzis, swimming pools, private parks, etc. that would be very expensive to build or buy along with a single-family house. Some condo units even have tennis courts, golf courses and club houses and others are close to or right on a beach. The best part is that common area amenities, walkways, roads and exterior walls are usually professionally managed by condo property management companies which means that they are well taken care of and ensure higher property value.
Another advantage of condo living is that living in the same building as others creates a strong sense of community and safety. Sharing the different amenities and participating in the condo association inspires and strengthens this feeling. These feelings are typically not present for those renting in an apartment building or single-home families. Factors like security of the building and management of the amenities are also handled by condo property management companies which makes condo living safe, attractive and enjoyable.
Condos are often located in convenient locations near grocery stores, shopping centers and public transportation; making them desirable to those who do not wish to own a vehicle or who cannot drive anymore. In some cases, condo buildings provide low-income housing and in other cases they provide luxury housing for those who do not wish to own a single-family house.
Tax and equity benefits
A decision between renting and buying a condo should be made with tax and equity benefits in mind. Buying has two advantages over renting; building equity and making the most of tax deductions given for property taxes and mortgage interest. Therefore, if the monthly mortgage payment one would make would be almost the same as rent, it would make good financial sense to buy rather than rent. The Trulia Rent vs. Buy Calculator is a helpful guide.
For some, buying a condo is a rental property investment. The return on investment comes from renting out the condo or selling it at a later date when its value has appreciated. In some cases, it makes sense to hold onto a condo for many years; renting it out along the way before selling. This is especially true for condos located in vacation or beach areas where they can bring in large amounts of rental income during peak tourist seasons.
Condos are very flexible in terms of maintenance and occupation. An owner can occupy their condo or let it out as a holiday or short-let home some or all of the time. This is in contrast to co-ops where in New York, for instance, subletting is limited or forbidden.
Condo property management
The services provided by a condo property management company is one of the greatest advantages of condo ownership. When a condo owner decides to rent out their condominium and hire a condo property manager they no longer have to worry about finding good tenants, signing leases, rent collection, bill payment, repairs and maintenance. Owners who do not live nearby to their condo units especially benefit from the hands-on management provided by full service condo property management.
Son-Rise Property Management has been serving the property management needs of Bellingham and Whatcom County since 1996. Contact us today to see how we can help you find a rental property for your family or manage your rental properties.