Real Estate

The Top Financial Advantages of Owning A Condo – Why Investing in a Condo Should Be Your Next Move

The Top Financial Advantages of Owning A Condo – Why Investing in a Condo Should Be Your Next Move

In general, the Burnaby condos for sale are usually a lot cheaper than single family homes and you get a lot more than you would with the former than the latter. However, if you would still like to get a single family house in the future, a condo could be your stepping stone. Here are the reasons why:

A lower down payment

If you are a first time home buyer, you probably know how hard it is to come up with a down payment since you don’t have any property to supply some income and help you out. First time home buyers are usually n young people in the beginning of their careers without much savings, which makes a condo a great investment. Having a lower down payment means it will be easier on you to make the purchase.

Condos are easily transferable

Investing in a condo is a great idea in the sense that if you are a parent, it will be very convenient for you and not to mention practical to have the children live in the condo closer to their schools or workplace without necessarily having to pay for apartment rent.

Condos are easy to rent out

With the growing condo market in Burnaby, you will easily rent out your condo and benefit immensely every month. Most employees or students tend to prefer renting out condos rather than traveling to and from their home. This is a very smart move because you will benefit from the property without having to give it up.

Property sale value

As long as you know when it is the right market timing to sell the condo, you can have immense return just from selling it when the time comes. The sale is more likely to go up especially if the condo, and more so the whole building is maintained very well.

Benefits

Despite the fact that you will have to pay for association fees for the amenities and benefits you will get, they greatly outweigh the fees you pay. For instance, you can have access to a rooftop pool if you buy a condo in a building that has one but it would take you millions to get the same on your own house.

Low maintenance

Living in a condo means you are living in a community and you will share all the costs. It will be a lot cheaper to clean, heat, furnish or even cool a condo than a large house. This means while living in a condo, you will be able to save and can enhance your life. These are simply more benefits that come with the Burnaby condos for sale than you would get with other properties.