When you invest in a new home, you need to do a lot of research, from deciding on a location to scouting several neighborhoods and applying for a mortgage. However, have you considered buying a condo? It comes with a lot of perks, especially as an investment.
Buying a condo comes with several benefits and monetary gains stand out the most. When you invest in new condo developments in Kelowna, you don’t just save on maintenance. As single-family homes get more expensive, the condo market expands and may bring you great returns in the future.
Financial Gains Of Buying A Luxury Condo For Sale:Condo Ownership
As a first-time homeowner, you’ll be in quite a shock when you look at the cost of home ownership. Single-family homes in Canada cost a fortune. You’ll be hard-pressed to find a property in a decent location without shelling out six figures. For instance, in Kelowna, single-family homes come at an average price of around $1.500,000. On the other hand, Kelowna condos for sale start from just around $100,000.
Even when you are comparing condos with homes that have the same square footage, the condo would be way more affordable. A lower selling price brings many benefits. If you aren’t buying it outright, you’ll have lower monthly payments on your mortgage. Moreover, you’ll also have a lower downpayment. This means you’ll spend less time saving up for the down payment.
There’s a misconception about condo fees. People associate it with an additional cost of home ownership. However, the monthly condo fee is pooled from all the residents in the building for its upkeep and maintenance. Condo fee usually covers:
- Garbage collection
- Building repairs
In some cases, Kelowna’s new condo developments also cover the cost of WiFi and electricity with condo fees. When all of those costs are included, you’ll pay way less compared to a homeowner. For instance, you’ll spend thousands of dollars maintaining the green patch of grass in front of your home even if you don’t want to.
In some cases, condo fees can be very high. However, that’s usually a case of poor management. You can review the condo documents before you commit to buying the Kelowna condo for sale. There’s also the option of joining the condo board of directors who manage the building. After all, it’s made up of condo owners just like you.
Condo communities differ wildly from each other. Some may be just a bland building, while others offer amenities similar to luxury apartments. These may include everything from a gym to an Olympic swimming pool and other recreational spaces. These luxury amenities do come with a higher condo fee. However, it’s always lower than what you would pay as a homeowner.
For instance, even the most barebones gym would cost you at least $10 a month while pools may come with an annual subscription of hundreds of dollars. You’ll save hundreds of dollars every month and can use that to pay off your mortgage earlier.
Even if you own a home with an HOA, at the end of the day, you are responsible for the safety and security of your home. You may end up buying top-notch security cameras and paying a subscription for their AI-enabled features and cloud services that automatically alert authorities. All those costs add up.
At a condo, you don’t need to worry about the security of your home. Condos usually come with robust security features like CCTV monitoring, guard patrols, and guarded gates. Moreover, unlike a suburban home, condos bring a greater sense of community that makes it difficult for people to steal from you or harm you.
As mentioned above, buying new homes is becoming exceedingly out of reach for most people. Millennials choose to rent tiny studio apartments or adopt the lifestyle of a traveling nomad to save money. That’s why condos keep rising in demand. So, even if you are looking for options to add to your investment portfolio, buying a condo may be the ideal option. Choose the condo carefully and it may fetch you a high return as a Kelowna luxury real estate.
Investing in a condo presents a multitude of financial advantages that extend beyond affordability. Moreover, with soaring property prices, condos stand as a promising investment option, given their increasing demand and potential for high returns. In essence, purchasing a condo in Kelowna emerges not just as a residence but as a strategic move towards securing a valuable asset for reaping long-term financial benefits in this dynamic real estate market.
Summary: Curious about the economic perks of condo ownership? Uncover the monetary edge condo owners get in today’s real estate market.