Condo Living Versus Single Family Homes – What Is a Better Investment?

Many who find themselves on the hunt for luxury homes fail to consider a condominium. In 2015, condos offer much more than a glorified apartment feeling as they have in the past. They certainly raise the bar when it comes to house hunting. One can achieve everything within a condo that they can in a detached home, and realize many more benefits than imagined.

Choosing a condo instead of a luxury home that’s built for a single family is actually a smart decision. It pays to explore the advantages in order to make an informed decision as to what will work best for one’s personal living arrangements and their choice of lifestyle.

Less Maintenance

Owning a luxury home is stressful. As the sole owner, one is responsible for all upkeep including painting both indoors and out, landscaping, snow plowing, and all sorts of repairs. A condo is also an investment, but much of the repairs worries are eliminated and covered by condo fees.

This is a blessing for those who want to live a stress-free life. If they are busy or involved in other more important things, or even unable to physically upkeep a luxury home all on their own, then a condo is the perfect choice.

Good Investment

It used to be in the past that a single family home was a much better investment than a condominium, and that was just a known fact. However times have changed in the condo world and now investors are realizing that dependent upon location a condo can be an even better investment.

Luxury homes whether single family or condo can be a rental income. If one purchases a condo in a vacation destination, they can rent it out when they’re not there. This has proven to almost completely purchase the condo when in the right location.

In addition, the utility bills are less. Rather than heating or cooling an entire house one only has to condition their small area. Although, some condos are three and four bedrooms and can be up to 2000 square feet or more, having a neighbor sharing a wall or two can still cut down on luxury home utility costs. Plus, you’ll sometimes have no garbage pickup as condos typically have dumpsters for trash collection, and they pay for the disposal.

However each and every condo is different, so it’s best to ask what expenses are included in the price and condo fees.

More Amenities

Something condos have that single family homes don’t always have is amenities like pools, gyms, clubhouses, playgrounds and sports fields. Though there are some neighborhoods that have them, it is almost always a given when it comes to condominiums.

In addition, they are mostly found in desirable locations. Buyers will likely be in walking distance of shopping, restaurants, entertainment venues and much more. Chances are one will never be bored living in a condo.

If the condos are not located in a hot spot, they are often found in a neighborhood of single family homes. This is nice because the buyer gets the best of both worlds with a safe, neighborhood feel but minus the landscaping responsibility.

Personal Preference

So, as anyone can see there are several things to consider when choosing between a luxury home or luxury condo, and it all comes down to personal preference. One thing is for certain, it’s much more likely to find a brand new condo in one’s price range than a single family home with all the finishes and upgrades they desire all at the same price. Comparison shopping is the best bet, and one should keep in mind, single family homes are all about maintenance!