Benefits of Condo Ownership

While it is understandable that the present economic climate seems to be causing many people to put off plans to buy a condo, or any other piece of real estate, the benefits of condo ownership can trump any concerns.

 Despite the frequent “doom and gloom” media reports about the economy in general, this is actually a pretty good time to buy condos, for a number of reasons. This is especially true for first-time homebuyers who do not have to wait until their current home sells. This is because condo prices are generally lower than they have been in recent years, and just as good is the fact that interest rates are staying low too, about 5 percent in many cases. Prices are bound to go up, as the housing stock on the market is depleted, so it would a shame to miss out on a good deal now.

 There are tax advantages to owning a condo, rather than renting, in part because mortgages and some other costs can often be counted as deductions when income tax time rolls around, while rent cannot.  You will need to consult an accountant or other professional to get the details.  But aside from the financial perks, there are other benefits of condo ownership too.

 If you own the condo or town home you live in, you can decorate the interior practically any way you want, without having to get permission from a landlord. So go ahead and paint the walls purple if that is what you want to do.  Of course, condo associations do have rules that must be followed, so you might not be able to replace windows or hang laundry on the balcony, depending on what the rules are. Mainly, the condo association provides direction regarding condo repairs  or any changes or activities that affect common areas, neighboring units, or the building exterior. But the good thing is, as a condo owner, you have a vote in the decision-making for the whole building. So you can work to change any rules you do not like.

 Having equity in your home is also one of the many benefits of condo ownership. In other words, you are investing in your own property, and with any luck, you will get a nice return on your investment when you decide to sell your home. While renting a condo or apartment can be the right thing to do depending on your circumstances, you won’t get anything back when you leave, no matter how long you are there.