Over 30 million citizens in the United States live in condominiums. That number is rapidly growing, with condo sales increasing by almost 60% from where they were last year. Due to the recent and substantial price increases seen in residential real estate, many people have been priced out of the market for a single family home. This has brought more attention to the relatively more affordable condominium market. People are becoming more aware of the upside of purchasing and living in condominiums. The following are some of the reasons why many Americans are turning to condominiums.
Condominiums offer several amenities that are not available options for most single family homes. For starters, in many condominiums, there are more privacy and security measures in place. This means no door to door salesmen, and no unwanted or unexpected guests. Also, many condos have full exercise areas and even a pool for people who like to exercise or maintain a certain level of physical activity. Just a few of the other amenities you may find at a condo include movie rooms, tennis areas, gaming areas, entertainment areas for rent, if you wish to have a small get together with friends and family.
While residents will still have to acquire a new home loan, sharing land is one of the factors that impacts the amount of money a homeowner can save. According to the National Association of Realtors, as recently as April 2021, the median price of condos was almost 14% lower than existing single family homes. Also services such as janitorial services, security, and building maintenance are paid for as a group, which again saves money. The apartment owners also share expenses that come with having access to on-site amenities, such as swimming pools and gyms. These would be much more expensive options in a single family home.
Those interested in condominiums have a variety of living and lifestyle choices to choose from. There are a wide variety of floor plans, local amenities (many of them within walking distance), in-house amenities, and more, available for condos in the same price range per square foot as an existing single family home in the same area. No matter what you may prioritize in a new condo, there is an excellent chance that there is an option to best suit your needs.
For the right person or family, condos can be the perfect housing solution. They are often cheaper than single family homes in the same area, and provide amenities that are either substantially more expensive, or simply not available with single family homes. Many new condos are even located in areas where the local amenities are so close, the need for a car is greatly reduced, saving even more money. Condos are proving to be a viable option that should definitely be explored by those looking to acquire a new residence.