If you’re in the market for a new home in Florida, chances are you’ve come across some of the condos listed in our state (there are tons in Florida). Condos can be a fantastic alternative to buying a single family home and an opportunity for you to score a great property in the location you want, all for a lower price than a house may cost you. If condo ownership as a investor or resident is something you are considering, let's discuss some of the reasons condo investing is loved by so many.
First we should recognize the core difference between a condo and single family home. When you purchase a house you are now the owner of both the structure and the land it’s on. Ownership of a condo only includes ownership of the airspace inside of your unit. You and your neighbors will share responsibility for all of the common spaces that your building and community includes. Let’s talk about some of the benefits that come with an investment like this.
1. Locations
Condos are typically built in densely populated areas in or near cities, campuses and popular tourist destinations. In Florida we find many of our beloved condo developments near beaches and near Orlando where we have our world renowned theme parks. There are benefits in having access to properties in such central locations for both investors and residents. For residents you’ll now have the option to live in your dream destination for a fraction of the cost that comes with purchasing a house. For investors, you now have the opportunity to score a cheaper unit in prime locations that bring a fantastic rent-to-purchase ratio and ample cash flow.
2. Amenities
The amenities that come with condo ownership are a feature that only condos will bring to you as a property owner. With condos you are able to take advantage of amenities like 24 hour security, swimming pools, gyms, laundry facilities, playgrounds, lounges and more. The monthly common fee you’re responsible for covers the expenses of these amenities and is split amongst your neighbors. Exactly what amenities you will have access to is of course dependent on the community in which you purchase your unit(s).
3. No Maintenance
One of the most convenient features that condo ownership presents is the lack of maintenance responsibilities and costs. When you own a condo you get rid of the many potential needs for repairs and maintenance that come with owning a house. For example, you’ll never have to worry about hiring a landscaping company and paying for their services like you would at a single family home. You’ll also avoid overhead brought to you by things such as pool maintenance and exterior renovations.
One of the first properties I was able to purchase happened to be a condo in Daytona Beach Florida. I absolutely loved living in that condo and now more than ever, appreciate the various luxuries that condo ownership offers. There are certainly other benefits that come with living in a house, but depending on what you’re looking for out of your living situation, investing in a condo may be the perfect option for you.
We love our Florida condos here at David Blaine Homes and have come across some fantastic deals in the area. If you’re looking for a unit, reach out! We’d be happy to show you around some of the awesome condos we have access to in some of Florida’s best locations.
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