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Why Purchasing A Condo Has Many Advantages

Apr 23, 2008
Purchasing a home is the single largest purchase anyone will make in his or her life. For many people, it will be their home for years to come. It is a decision that requires a lot of thought and planning.

In today's housing market, the price of a home is exorbitant and often first time homebuyers consider purchasing a condo as their first home.

Condos are constructed much like apartment buildings. They can have as little as two condos in each building or as many as twenty. Choosing what is best for you is critical because you will be there for a minimum of two or more years. The major difference is that the condo is owned and not rented.

Purchasing a condo has many advantages.

* When you purchase a condo, you are building up equity just as you would in a conventional home.

* By making all your payments on time, you are building up your credit rating and when you choose to purchase a conventional home, you will receive a much lower interest rate.

* Although there are monthly association fee's that must be paid when you purchase a condo, you will not have to perform any maintenance to the condo grounds. This mean no raking leaves in the fall or shoveling snow in the winter; this is all done by the association.

* Depending on the location, each condo unit has either one or two off street parking spaces.

* There are not as many children in condo units as conventional neighborhoods

Recent studies have shown that 68% of all Americans own their own home. When you are considering purchasing a home or condo, it is important that you find a reputable real estate agent. This is very easily done; most people have friends and family that have worked with a real estate agent in the past and are willing to refer them.

Purchasing a condo is not only for young people and first time homebuyers. Many senior Americans who have raised their families find that maintaining a big empty home is just too much for them. They can no longer perform the necessary maintenance and up keep on their home.

These older Americans have found that by purchasing a condo, they can still enjoy being a homeowner without having to do any of the maintenance that is required. For them, paying the monthly association fees is worth it.

Another group of people who are choosing to purchase condos are single working people. Those who have good jobs are willing to commit to purchasing a condo as long as there is no maintenance involved. With their busy schedules, there is no time for it. They would rather pay the association fees that include the maintenance.

The statistics are really quite fascinating when it comes to condo buyers. Condo buyers and homebuyers are classified in two different categories.

1 in 10 people who purchased a condo did so in a building with more than 5 units, whereas only 2% of the total amount of people purchased condos containing less than 5 units.

The average age of homebuyers is 39, however, for those purchasing a condo in 5 units or more is 38, where as a homebuyer purchasing a condo with less than 5 units is 41.

In 2006, the average yearly income for all homebuyers was $74,000 whereas the average income for condo buyers was $60,700.

While the number of single females becoming homebuyers has increased, they still only make up about 20% of all homebuyers. Of that 20%, 41% purchase condo with 5 or more units and 29% purchase condos with less than 5 units.

While these numbers are from studies conducted in 2006, they are still relatively accurate.

Condos are a great starter home for many people who have busy lives. They are a way to own a home without having to commit costly maintenance or upkeep.
About the Author
Peter Geisheker is the CEO of The Geisheker Group
marketing company
Peter develops and implements strategic marketing programs for businesses including real estate developers and West Virginia real estate
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