Condominiums, or condos, offer several benefits as an investment property. Condos are generally more cost effective than single-family homes, with average costs in 2021 of $300,400 for condos versus $347,400 for homes. Condo owners pay monthly association fees that cover most maintenance costs, keeping maintenance expenses low. Condos also have amenities like parks, gyms, and common spaces that can make them attractive rental properties. Additionally, condos are located in strategic, urban areas and provide a secure housing option with locked entrances and neighborly surveillance of units. However, condo associations set individual rules around renovations, business use, and other regulations that can impact investment costs.

1. Benefits of Investing in Condominiums
Stuart Hansen

2. Introduction
Concerning a place to live, the process of making a choice may either be cumbersome
or a walkover, as the case may be. There are myriads of building structures that tend
to be eye-catchers. Some of them may be pocket-friendly, while others may not. These
structures include residential properties like single-family homes, condominiums,
townhomes, and bungalows, to mention a few.

3. Condominiums, or condos, as used in North America, refers to a building in which
residents separately own individual units and collectively manage common areas.
In other words, each resident owns their air space while sharing communal
properties such as walkways and exterior spaces. In a 2011 survey carried out by
the National Association of Realtors, they discovered only 17 percent of Americans
preferred living in condos. Yet, there are several advantages one may get from
investing in them.

4. First, condos are more cost-effective than other housing structures. For instance, in
2021, the National Association of Realtors stated that the average cost of condos
was $300,400, while for a single-family home, it was $347,400. So, investors get to
save some amount of money. Residents pay monthly fees to their condo association.
And the association uses the money to cover most maintenance costs. Consequently,
the cost of maintaining them is pretty low as investors only have to budget for
appliances and other things within their ambiance.

5. Further, the standard homeowners’ insurance cost on properties covers their interior
and exterior parts. But for condos, the expense solely focuses on their internal
section. So, residents do not need to pay for the outer areas of the apartment. Condos
may have different amenities like parks, gardens, on-site laundry, gyms, and multi-
use rooms. As a result, they are not difficult to rent out. Condominiums promote
socialization since condo associations sometimes host communal spaces, which serve
as an opportunity for residents to get to know one another.

6. There are several rules guiding condos. For example, a resident needs to take
permission from the condo association before making changes in the apartment. The
association also deters residents from engaging in business activities inside the
apartment. In essence, these regulations seek to curtail activities that tend to
depreciate the property's value. Consequently, investors or residents would be able to
sell the property at a higher price than when they bought it.

7. Condos are a great investment option since they are secured. Most apartments have
secured entrances with surveillance cameras. In some, there may be doorkeepers who
watch over the property. Even the neighbors may help keep an eye over the investors'
space in their absence. So, this is beneficial to everyone, especially people who live
alone.

8. Part of the perks of condos includes their location. Usually, one can find these
structures in strategic places, around major cities and towns. More importantly, one
may keep abreast of ongoing events.

9. In summary, condos are a desirable investment option. Investors should note that
the rules outlined by each condo association differ. This means they decide which
part of the apartment they would maintain and define the extent of the investor's
expenses. So, one should try to read and understand the condo document before
deciding to invest.