Condominium Living: Reasons Why You Will Enjoy It
When searching for a home to live in, there are so many options available to you as a home buyer for you to choose from. If you also like the idea of a closed community, the conveniences that come with apartment-style living but want to own and don’t mind the privacy of your own yard, a condominium commonly known as a condo may be great for you
More often than not, condos are often mistaken or used synonymously with apartments that you own. While that is mostly true, there are other styles of homes that can also be condominiums. Whereas many condos are part of a high-rise or larger building like the legacy court by Devtraco Limited, there are some condos that are townhouses or detached houses. So then what does a condo really mean?
Condos are a collection of units/homes owned by separate owners and each unit owner owns shares in common elements of the building. They have common elements and these include amenities such as a swimming pool, parking garage, library, rooftop patio, gym and the landscaping surrounding it. All of these amenities are shared among the homeowners and the cost of it spread amongst them.
Why live in a condo apartment?
A good first home choice: If you are thinking of owning a single-family home but your budget currently doesn’t allow for that, a condo might be the way to go. In the same area, they are generally cheaper than single-family homes in terms of prices and taxes. According to the real estate journal, compared to single-family homes, condo prices tend to appreciate at a slower rate making them an affordable choice in markets where prices are on the rise.
Condos as vacation homes: Condos can be a vacation home for you and your family. As a vacation home, it provides all the comforts of home because that is what it is, a home away from home. When you own a vacation home, you always have a place to stay. You don’t need to worry about hotel reservation during your frequent visits. This gives you the flexibility to plan trips as far out or last minute as you like.
A good investment: Thinking long term, condos are a good real estate purchase. As an investment property, condos cater for people that are looking for a certain budget to spend as renters. In general, real estate is always best as a long-term investment so thinking long-term, you can cover your cost in that property. As a vacation home, it affords you the flexibility to rent it out when you are not there.
Sense of security: Condo living provides a sense of security to the owners. As many people do not like living alone, you feel safe living in a condo because you have neighbours in close proximity which means in case of any emergency, you can turn to many people for help. In addition, it is difficult to access the entrance of a condo from the outside compared to a single-family home as many condominiums offer locked or gated entries. A condo has the added benefit of people watching your home for you when you are away for work. If you love to travel a lot, you can lock up and leave and know that your home is secure and not open to people knowing you are away with the lawn growing and the lights off.
Maintenance-free lifestyle: With condo apartment living, you own the spaces between the walls of your purchase but you don’t own the entire building or the exterior. As such, the maintenance of the building and common areas like the landscaping surrounding, painting and general amenities are done by the condo management body or estate management if it is within an estate like the Devtraco Courts. This is best for buyers who travel a lot, don’t have the luxury of doing maintenance work all the time, have a very busy work schedule and don’t like to spend a lot of time fixing a home, like a leaky roof, mowing their own lawns and other exterior issues of the building.
Access to amenities: Many condo communities provide amenities for their residents to enjoy. Condo owners may have access to amenities like a pool, business centre, clubhouse, playground, park, tennis courts, and the cost of enjoying these amenities shared by all in the form of HOA fees or estate management fee. Depending on the condo community, these amenities may differ. The Legacy Court inside the Devtraco Courts community in Ghana, Tema Community 25 for example, offers its residents amenities such as a recreational area, kid’s playground, Go-Cart racetrack, clubhouse, police station, fire station and swimming pool with slides.
Community living: Condo living promotes a community living style and gives you a neighbourhood feel. It encourages and builds up social and interpersonal relationships among condo homeowners. Using common areas like hallways, stairways, elevators and sharing facilities like the pool, gym, park and clubhouse provides the avenue for interaction and socializing with other people. There is also the avenue to join in community-organized events promoting long-term relationships and networking.
Proximity to city life: Many condos are typically found in or around vibrant areas making it easy for residents to access restaurants, shopping malls, movie theatres, attending live shows and transportation. It gets easier to go out and about your daily work and entertainment activities. For instance, East end condos located in the bustling city of Tema community 25 is well located to have easy access to the best the city has to offer. With just about 15 minute drive, you will get to the heart of Accra where you will have access to anything and everything. The city of Tema on its own has a lot to offer in terms of companies, industries and businesses, good restaurants like Brandenburg Restaurant and amazing pubs and night clubs.
When planning to buy real estate whether as a new home, a second home or for investment purposes, the condo is something that you should definitely look at. It can be a great decision.