3 Reasons why investing in condos is better than single-family homes
Buying property and real estate is a very popular form of investment. The process of getting your return on investment from investing in property is relatively simple and involves selling it for more than what you bought it for. This process sounds very simple compared to alternative investment mechanisms like the stock exchange.
After you have made the decision to invest in property, there’s still a couple of decisions you have to make, one of which is the type of housing you want to invest in. In this article, we will do a comparison between investing in condos versus investing in single-family homes.
The other decision you have to make is the characteristics of the type of property you want to invest in these include the location of the property, the size of the property in square feet, the floor plan, interior, and exterior decor and amenities.
Investing in a condominium complex like Park Grove or a single-family unit elsewhere has its own pros and cons. We’ll focus more on the advantages of investing in Park Grove.
Investing in Park Grove gives you ownership of a residential unit that shares a common exterior with other similar residential units. You get full ownership of a unit unlike the case of an apartment complex. The shared exterior of Park Grove condos necessitates a homeowners association that is charged with the upkeep of the building and amenities and keeping the peace between the neighbors. This service is offered for a fee.
Why you should invest in Park Grove
Park Grove condos are relatively more affordable than equivalent single-family units of the same square footage. Part of the reason for this is because a single-family unit is built on an individual piece of land. With the high cost of land, the price of a single-family unit is also largely affected by the cost of land. Park Grove condos, on the other hand, share the same piece of land and so this cost is distributed amongst the cost of the individual units.
The cost of owning a Park Grove condo is less than that of owning a single-family unit when you factor in the recurring monthly costs for utilities such as internet and garbage collection which are usually shared among the residents of a condo complex. But for a single-family unit, the entire cost falls on the owner.
Maintenance and repair
Residents at Park Grove condo don’t have to worry about unexpected and urgent repairs and renovations. The cost of this type of expensive exterior maintenance work is covered by their monthly HOA fees.
Typically, every household has outdoor chores that need to be done like maintaining the grounds or clearing the snow. Again, these are covered by the HOA fees paid by our residents living at Park Grove condos. The owner of a single-family unit house has to organize how these chores are done by either doing them themselves or outsourcing this work.
Location, lifestyle, and amenities
If your location of choice is in an urban or suburban area then you’re more likely to invest in a condo than a single-family unit. Single-family units occupy a lot of land for only a single house. Developers prefer condos like Park Grove because they are smaller and you can construct a lot of units on a small piece of land.
This is why you’ll find a lot of condos in areas with a lot of cultural activities, shopping, entertainment, and job opportunities because developers have realized that they are a far more efficient use of land than single-family units.
Park Grove condos are located in culturally rich and diverse areas close to amenities such as parks. So if you’re looking for an urban or a suburban lifestyle it is far easier to invest in a condo than a single-family unit.
Developers put in a lot of investment to attract potential buyers of their complexes. Residents of Park Grove condos will tell you that amenities like the clubhouses, state-of-the-art gyms, swimming pools, and studios are available within the building itself. The cost of maintaining these facilities and upgrading them comes from the HOA fees that they pay.
A single-family unit does not come with any of these facilities and only a very wealthy owner will be able to add the amenities that you will find in a luxury condo complex like Park Grove condos.