In today\’s real estate market, more and more people are learning about the benefits of condo life. Condos are a more affordable first home investment and, depending on the area, may have surprisingly good resale value. Also, condo owners will enjoy a largely maintenance-free lifestyle, with amenities they probably could not afford with a single-family home.

The greatest initial benefit of owning condos is the sale price. Because condos are priced lower than most single-family homes, more people have a chance to invest in home ownership. Buyers who pay at least twenty percent of the property cost, as a down payment, will avoid higher interest rates and private mortgage insurance charges. Because condo prices are less expensive, borrowers have a better chance of making a decent down payment, and of saving money over the life of their mortgage.

Condos are a good alternative to renting an apartment. Homeowners will be building equity in their condos, instead of giving money away to a landlord. In addition, mortgage interest is tax-deductible, which will provide a nice boost to homeowners at tax time. Also, landlords may increase rent payments at any time, but a fixed-rate mortgage payment will stay the same over the entire repayment term.

Condos provide a sense of security. Living in close proximity to neighbors may have some disadvantages, but closeness also means that neighbors look out for each other. In addition, depending on the facility, many condominium complexes have security guards on duty, to provide protection for valuable property.

People who purchase condos have the benefits of added facilities. For instance, a complex may have a pool, or a gym, which a single-family homeowner could not afford. Many complexes have play areas for families, providing recreation for children, while saving mothers and fathers from a long trip to the park.

Families in condominium complexes may easily meet other families. Single-family home neighborhoods do not always have a central gathering area, such as a playground, where children will meet and make new friends. Also, when children gather in a central location, instead of walking a long distance to a friend\’s house, supervision is easier for parents.

Condos tend to be far less expensive to maintain. Costly exterior repairs, such as roof replacement or siding replacement, are paid for by the homeowner\’s association, and are not the sole responsibility of the homeowner. Additionally, homeowners do not have to perform or arrange for yard care, for instance, or shovel snow in the winter, because these maintenance activities are taken care of for them. For busy families, or for the elderly, the lack of time devoted to home maintenance provides a real advantage over single-family home ownership.

Potential buyers who worry about the resale value of condos should consult a realtor who knows their market well. Also, potential buyers should be pre-approved for a loan before they start looking, because condos may be more difficult to finance in today\’s economy. Those who cannot afford single-family homes, or those who do not want to spend time and money keeping up a single-family home, should feel free to enjoy the benefits of condo life.

Are you looking for Mississauga Condos for sale as well as Mississauga Condos ? Make sure you get enough information from friends, relatives or online resources about Mississauga condos before you make any decision.

Are you looking for Mississauga Condos for sale as well as Mississauga Condos ? Make sure you get enough information from friends, relatives or online resources about Mississauga condos before you make any decisions.
http://www.mississauga-condos.ca

Author Bio: Are you looking for Mississauga Condos for sale as well as Mississauga Condos ? Make sure you get enough information from friends, relatives or online resources about Mississauga condos before you make any decision.

Category: Real Estate
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