The beautiful thing about real estate investments is that there are so many possibilities. But, despite the present chaos produced by the Coronavirus and increased predictions of a potential recession in 2022, what is the best option for you? Is purchasing a condominium a wise investment? Yes, if you acquire at the correct moment in the market cycle, inflation is low (if you’re financing), and you plan to live in the condo for a few years. You should be free to maneuver through with your condo buying with certainty if you can check the boxes on those three high-level criteria.
The value of condos rises throughout time. That is true of any chunk of land that does not have wheels or originate from a trailer park. However, if you’re deciding between a condo and a house, please remember that a single-family home will often appreciate in value sooner than a condo. For example, between 2017 and 2018, the median price of condos increased by 3%, whereas the median price of single-family homes increased by almost 5%.2 This isn’t true in every circumstance. If you locate a condo in a desirable location and a single-family house in a less desirable location, the condo is likely to value faster. So all you have to do now is select a cozy-looking condo in a great location.
One of the most appealing aspects of condo ownership is the cost. In April 2021, the typical sales price of a condo was $300,400, while the median sales price of a single-family home was $347,400, according to the National Association of Realtors. With inventory at an all-time low and prices continuing to rise, more investors may see condos as a desirable and cost-effective alternative. Condos are appealing to folks who want to live in a community setting. Grilling areas, gyms, pools, and other common amenities can be found in many condo developments. These appealing features may make it easier to obtain renters for a condo or Airbnb visitors.
Condominiums for personal use like North Gaia EC come with unique benefits. Every condominium offered for sale at Crown Asia’s numerous sites will always be adjacent to business centers and hotspots. Everything is close by and easily accessible, and other good businesses and restaurants. The perils of commuting and exposure to possibly dangerous illnesses will be less of a concern. Also, because DIYs are now the fashion during the outbreak like everyone spends so much time at home or in a condominium, you will have the chance to customize your own condo, making your pandemic lifestyle even more vibrant and entertaining.
Consider all costs, not just the purchase price, when buying a condo. Include the monthly condo fee, maintenance charges, and any upgrades you want or need to make. Then think about whether the lender or bank is going to rise or fall. Is the property in good condition? What is the age of the structure? What common areas will need to be repaired or rebuilt in the near future? If you own a condo unit, these factors may raise your condo association fee.