Most apartments are pre-furnished with these appliances and in some cases their repairs can be covered by building maintenance, which is a big plus. If you want good value for money, an apartment is the way to go. If you also want to get the most out of your condo investment, you can also choose to rent it.

These can include a swimming pool, tennis courts, gyms and common areas. Aside from the reasons mentioned above, there’s one more thing that makes millennials choose to live in an apartment. As home prices continue to rise, buying an apartment seems like a smart investment.

The most far-sighted millennials understand that buying a home in a prime location (even if it’s a relatively small unit) will one day be worth it. Once you get the feeling that they have grown out of their nest in the center of the city, they can move in somewhere else and turn their old house into a rental property. An apartment costs less money than a house, but that’s not the only figure to consider. HOA fees come as a surprise to many who choose an apartment, as it’s something they’ve never encountered before.

A house is likely to be further away from crowded areas, which means you always have to drive or pay for a taxi. With an apartment, the best restaurants, bars, theatres and shops are right on the doorstep. You could live in a house closer to everything, but you would have to pay a lot more for a home. Condos give you access to facilities and services that you would not otherwise be able to afford. Each resort is different, but condo owners often have access to pools, tennis courts, bars, gardens and more. Condos are built and designed with high-quality materials that are reliable to last.

With less space in your home, you may have less maintenance, less maintenance, and more time to accomplish the things you love. These HOA costs are used to cover the cost of living in condominiums, as well as to maintain the shared portions of the property. Living in an apartment can also free you from some of the usual tasks for homeowners, such as garden and outdoor maintenance. They may also have desirable shared facilities such as swimming pools, gyms or tennis courts. As you know, all condo residents have to pay ‘condo maintenance costs’.

As the owner of the apartment, you can turn it into a monetary investment. You can easily take advantage of the sale of the apartment or decide to rent it. While the association is still going to explore whoever you choose to live in your apartment, it’s an easy way to get a feel for condo life and see if it’s a good fit for you. In fact, I see many piccadilly grand condo newly built apartments on board that meet the housing needs of over-55s. In general, many retirees have some money to spend and are looking for smaller, more luxurious spaces, but with less hassle with owning a single-family home. For example, if a tree falls on your patio in a single-family home, it is your burden to bear the cost of replacement.

For example, D’or Condominiums features club-inspired amenities, including a theater hall, a state-of-the-art fitness center, a beautiful pool, and a luxury banquet hall. Enjoy the feeling of living in your own personal resort or spa without headaches and worries about costs, available space or ongoing maintenance. When you add your monthly HOA or condo fees to your mortgage payment, you may be paying less for a single-family home, even if you factor in the maintenance costs of home and garden. Historically, condominiums have valued or maintained their value. In 2020, the economic crisis brought the condo market to a standstill due to the increase in inventory. Buyers were not so attracted to the shared amenities of apartments and nearby homes.

Review the value proposition before making the investment in an apartment. However, condo owners can’t completely avoid the pitfalls of homeownership. They remain responsible for the maintenance of their individual unit. Therefore, things like fixing a broken device would come out of your pocket. An important feature of an apartment are the shared common areas and amenities, such as lawns, swimming pools, tennis courts and more. Essentially, it’s a little bit of you and a little bit of everyone else.

You can take a dip in the pool whenever you want and you can even invite guests. Pavilions and clubhouses can also be rented by apartment dwellers for special functions. Luxury amenities such as an observatory, rooftop Jacuzzi, etc. are offered in some developments. The benefits of living in a condo community are safety benefits. Condos have secure entrances and exits, 24/7 security guards on duty and security cameras throughout. There are security monitors and intercoms to ensure the safety of the residents of the apartment buildings.