Why Buy A Condo?

Written by Posted On Thursday, 24 September 2015 12:50

What Is a Condo?

Living in a condominium is fairly same as living in a hotel. You get to share a series of amenities, and at the same time enjoy the luxury of living in the city. Besides the payment process, one of the distinct characteristics of a condominium is its interior. Most condominium unit developers hand in different interior design options for their buyers.

A condominium physically resembles how an apartment or hotel looks like. However, the major difference relies on the payment scheme. To give the most generic distinction between an apartment and a condominium: Apartments, require a monthly rent with cash advance and one-two month deposit. A condominium unit on the other hand, can be owned, following a monthly payment or amortization. You take the full title of the unit you invested in, but you still pay for the amenities that you will share with the other unit owners.

Luxury Condominiums

Condominiums, particularly the luxurious ones sit in the heart of the city or in a holiday destination area. All condominiums are packed with hotel-grade amenities, proper maintenance, and 24/7 security perks. Every condominium has different policies, terms, and pricing.

Luxury Condominiums are not just about its size and price. Specific aspects like the furnishing, VIP security, location, high-grade amenities, hefty price value and your neighboring shareholders contribute to the label of “luxury” in condominiums.

Condo's as an Investment

Luxury CondoJust like in every real estate variety, a good return of investment in Condominiums will never be a guarantee. The winning catch of owning a condominium though, is the method of having it leased. Regardless of the unstable interest rates, you can still securely profit from it.

In all real estate division, whether you are an investor or a developer, the location will always be a big item to consider. Location plays a big role in the real estate community. It can make or break the business’s asset if the location is not very favorable to its target market.

As a condominium buyer or investor, finding a perfect location should be number one on your “perfect condo check-list”. Finding the perfect location for your condo unit is the same as finding the shoe that perfectly fits. That regardless of how trendy, or expensive the shoe is, you still look for comfort and its ergonomics.

Location, Location, Location

Since Condominiums are usually established in the city’s business center or popular tourist-prone area, you need to think about the environment that you are willing to adopt. Some buy condo units for the investment, some buy it as end-users or buyers who really lives in them. Some people are looking for waterfront condos in Panama City Beach and some are looking for condos in the center of a business district.  Nevertheless, there are still two things that need to be considered prior to pursuing business:

If you decide to live in the unit you bought, then consider the lifestyle, work office location, the establishments around, and the safety of the area. You might also want to consider the transportation within the area. It also doesn’t hurt if you check the traffic condition within the place.

However, if you decide on putting up your unit on a rental program, then examine the flow of non-local residents. Is it positioned in an area where tourists normally stay? If it’s in a business part of the state, then think about the surrounding offices and the prospected employees that would consider renting.

Just like other business, you need to talk to the right people to guarantee your transaction. With real estate, or condominiums in particular, there are professionals who can help you instate your inclination towards owning your own condo unit. They are called Real Estate Brokers. Real Estate Brokers are called brokers for a reason. They break down options for you. At the same time, they will help you find the most convenient place that is close to your desired preference.


The Ups and Downs of Condos

The real estate market, particularly with Condominiums, were greatly affected by the recession that lasted for more than 3 years. Similar to standard homes, condominium prices skyrocketed and became more of a liability than an asset when it comes to equity. Prospect buyers became apartment renters and Condo unit owners became landlords.

But when 2012 came, the game drastically changed for the condominium business. The Condo Premium Price normalized and continuously displayed a good recovery in the real estate market. This is good news not just for condominium developers, but also for condominium end users and investors.

Right now, even pre-constructed luxury condominiums are almost pre-sold out. The furnished ones too are gaining back tenants and more end users have already moved into their units as well. Real estate market analysts have prospected that condominiums will once again become the prime option for real estate investors for the coming years.

The crucial part of investing in a condominium unit is knowing if this is the right one. If you are the investor type, you need to consider the most important aspect which is the location. If you draw out a map, a perfect condominium unit location must be close to hospitals, schools and the business district. These three factors contribute a lot to the investment you are about to pour your money in.

However, if you are an end user or someone who settles in their own unit, personal preferences play a big role in finding the perfect condominium unit. One of the aspects to consider would be the condition of the building. Usually, condominium owners who occupy their unit are working in companies with just a couple of blocks away from their place. Urban areas are very prone to traffic, therefore, consider a condo unit that doesn’t necessarily require you to drive.

If you walk from your place to your office daily, that’s extra cardio right there already! Plus you get to contribute to a much healthier environment too by not adding more car pollution in the air. These are just extra perks that you get if you single out a condo unit that is only a walking distance to your office.

For end users, waiting for the condominium to be fully furnished might be your best option. In this way, you get to see the architecture of the unit, a tour of its amenities and the total aura of the environment you are about to adopt for a long term.

In general, finding the right condominium falls heavily under location and transit. What comes in secondary would be the physical attributes of the building and personal preference.

Purchasing a Condo

Whether you are a young professional, a mature adult, a retiree or an international investor; investing in something requires patience, trust, and belief. Though statistics shows that the real estate market, particularly the condominium market, have proved to continuously become a safe haven for investors, everything will always be of less guarantee and more on the gut.

Condominiums nowadays are very in demand. In this generation, investing in a condominium has climbed up to the necessity ladder. Each year, more people are enticed to invest in a condominium unit. Soon enough, the condominium lifestyle will be embraced by everyone. If the city life works well for you, then investing for a condo should be your top priority.

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Dean Cacioppo

Dean Cacioppo Credentials

Dean has worked as a real estate agent, real estate instructor and has years of experience working on the technology side for major Real Estate Brokers, Agents and MLS’s.  Dean has sat on the Board of Directors for multiple MLS’s including being elected to President.  Years of serving on a number of MLS Committees for multiple boards, served on the Strategic Planning Committee for Louisiana REALTORS and participated in many task forces and committees for the benefit of all Real Estate Agents in Louisiana.

Work in Real Estate Technology

Dean has provided live training on technology, direct IT and Technological Support to thousands of Real Estate Agents for over 16 years.  With years of being the go-to guy on technology strategy, training and support for Brokers and MLS’s across the country, you can now have direct access to Dean for your personal technology needs. 

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