Did you know that the homeownership in the United States is 67.4 percent?

Owning a home is the ultimate dream for Americans, but not everyone is ready to buy a single-family home. Those who wish to become homeowners have the option of buying a condo.

If you’re thinking about buying your first condo, you came to the right place. Read on to learn if investing in condos is a good idea. 

What Is a Condo?

A condominium, also known as a condo, is a private residence in a multi-unit building. Not all condos are in a high-rise unit; they can be in a multi-level townhouse, mid-rise, etc.

Those who own a condo can either use it as a primary residence or rent it out as investment property. Condo owners must pay a monthly fee to pay for the maintenance and upkeep of the condo.

Do Condos Make a Good Investment?

If you’re thinking about buying a condo, you want to be sure you’re making a good investment. As with everything in life, there are many pros and cons to owning a condo. Before you make a decision, you need to be aware of the pros.

Low Cost

If you want to own a property but cannot afford a single-family home, a condo is a great option. On average, condo reports show you can find a condo for as low as $60,000. 

The mortgage on a condo is more affordable than a single-family home, which is a lot more manageable for some people.

More Location Options

Condos are a great option for people who want to live nearby desirable locations. Unlike single-family homes, there’s usually a lot more inventory when it comes to condos. 

People who want to stay near the city’s hustle and bustle can usually find more condo options downtown or near desirable areas. 

Low Maintenance Fees

Although condo owners have to pay a monthly fee for the building’s maintenance, this fee usually takes care of everything. The amount they have to pay every month depends on the building’s amenities but is usually lower than what you would pay for a single-family home. 

Fewer Expenses

When you own a single-family home, you’re typically responsible for paying for water, pest control, garbage collection, cable, etc. Condo owners, on the other hand, don’t have to pay for these expenses individually. 

The monthly assessment fees condo owners cover all of these expenses, so condo owners don’t have to worry about them. 

Cons of Buying a Condo

Although there are plenty of pros to owning a condo, some owners find paying for assessment fees a con. While some buildings have affordable fees, others can go as high as $850, which is a big drawback for some owners. 

Some condo buildings also limit how many units can be for rent, which can be frustrating for those who wish to buy it as an investment property.

Is Investing In Condos a Good Idea?

Now that you know investing in condos is a good idea, you’re ready to decide if it’s right for you.

Remember, people invest in condos because they’re affordable, there are more location options, and there are low maintenance fees. However, some condos come with really high assessment fees. 

If you enjoyed this article and would like to learn more, check out the rest of our blog.