The global real estate industry is expected to soar higher in years to come. Its $4.24 billion market enabled economic experts to project that median prices will rise between 3 to 8%. As such, it is always a great time for you to invest in properties, especially that multiple banks and financial institutions offer various friendly housing loan options.
As easy as it seems to discuss propositions, the actual challenge lies in deciding what kind of property you should invest your money in. Could it be traditionally a house or a modern take with a condominium (condo)? Lucky for you, you are here at SA Property, your great source on rental and residential properties.
Why live at a condo
Due to a boom in urban life, more buyers are leaning over condos over homes in recent years. They are typically found in metropolitan locations, thus bringing you closer to shopping, restaurants, and other points of interest. Here are other pros that might make you consider having one:
- They are slightly less expensive than houses
The price gap between condos and houses is one of the biggest reasons you might want to buy the former. Condos are often less expensive than single-family residences. By cheaper price, we mean smaller down payment and monthly payment. Meaning, you can save a lot of money years ahead.
- No additional duties in repairing and/or maintaining the exterior
The homeowner’s association (HOA) owns and maintains the exterior of a condo building, leaving only the unit’s interior as the owner’s duty. As such, this gives you more time (and money) to pursue other interests.
- They are more suitable for city people
Like what was mentioned above, condos are always situated in big cities surrounded by various kinds of establishments. This gives you the advantage of convenient travel and saved time, especially if it’s only a walking distance.
- Take advantage of their shared amenities
Depending on your choice of the condo corporation, you can enjoy the following major shared amenities:
- Swimming pools
- Tennis courts
- Park areas
- Pet parks.
- Quickly make better social connections with other residents
Since condos are smaller and densely packed — neighbours that are literally one door away — it will be easier for you to meet new people every day.
Why live at a house
Total privacy and control over the entire property are two of the biggest pros of buying and living in a house. You can renovate it whenever you want because you won’t need to worry about others’ consent. Furthermore, listed as follows are additional reasons why a house is a suitable choice:
- Owning a land
There is a higher return on investment in houses because you are basically buying land. By textbook, land ownership includes cash returns on sale, lease income, added assets, and potentially borrowing power.
- More spaces to grow
You may expand your home as your family grows. You can demolish walls and build an extension, perhaps adding extra rooms, a deck in a backyard, or even a swimming pool.
- Houses are easier to sell
The reality in the housing market is that condos are tougher to sell. Houses on privately owned lots, on the other hand, are more liquid in all kinds of markets.