One of the major issues when buying a condo is that the majority of them have complex ownership structure.

There is no dearth of attention whenever a new development gets ready for its sales launch.

What are the factors that make condos attractive to families?

You might already have a whole list of benefits from living in a condo. If you’re still not convinced to buy one, here are some additional benefits that might inspire you to consider buying one.

1) Better value

Value is a very subjective concept… particularly in real estate markets.

From tembusu grand of numbers, a condominium apartment is likely to be less expensive than a house that stands by itself on the basis of livable area in square feet.

For example, less experienced home buyers often fall into the trap of thinking that getting an 2,500sf land-locked house at $500/psf is much less expensive than getting a 1,000sf condominium unit at $750/psf.

The house on the land may have 1,250 sq ft of living space, and it is priced at $1.25m. The condominium, however, has 825sf of living space and is priced at $750k.

That’s basically saying that for a landed house it costs you $1,000 per square foot of livable space. For condos, you pay about $900 per square foot living space.

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For homeowners with a large budget, this could not be a major issue. But for a family working on a tighter budget, a condo can be of better value, especially when you take all the benefits mentioned below into account.

Finding comparable recent sales data for condos is usually easier than finding comparable sales data for houses. This gives potential buyers more dependable data in which to assess the real worth of a property prior to buying.

2.) Lower cost to maintain

If you own your house as the proprietor, you’re responsible for all costs associated with fixing it, such as gardening and plumbing.

However, when you have established yourself as a comfortable member of communal living, you are just one person out of hundreds (or often hundreds).

This is a great benefit to your personal finances. Since owners share the cost of maintaining their property.

It is obvious that replacing the roof on multi-family homes will cost more than replacing a roof but economies of scale will allow it to be affordable for all households.

A roof repair could cost the same amount for a house and a condo home, but it might be cheaper for a condo. But the latter could have the costs distributed among the owners.

It is not necessary to spend time cutting or weeding evergreens, if you don’t want to. The association would be governed by property managers who will hire and oversee the work required to keep the property in good shape.

3) Facilities

It’s unlikely that you’ll own your own tennis, basketball, or basketball court, or gym unless you’re very wealthy.

These beautiful services are available only to residents of condominiums.

You are going to reduce your expenses by avoiding the booking fees you spend on tennis courts, gym memberships, entry charges for swimming pools, etc.

Parking fees are gone.

They are within walking distance of your house… and you can utilize them only.

4.) Security

Condominiums are restricted access by having gates and fences which restrict access. The residents who have a key card cannot enter condominiums.

As sentry guards at the main gate they rotate around the premises at night.

While the security level is not as high than that of the White House it provides protection against intruders who are trying to harm the institution.

The security and privacy feature on its own is enough to discourage numerous criminals from contemplating committing crimes in condominiums.

That being said, please do not rely entirely on security guards for your security.

Safety guidelines and management of hazards must be adhered to by every family member.

5) Community

This is a feature you will either like or dislike.

Some people enjoy having the sense of belonging to a group. Others hate it.

But when you are living in a condo it is likely that you won’t have the same privacy as in a private house.

Everyday , you’ll run into neighbors, who will ask about your day’s activities and also hear the sounds emanating from your home at night.

You’ll be invited to community events and take part in the activities of the festival.

Some might find this annoying. Some will be able to run into the ground.

A condominium will offer numerous opportunities for you to participate in your community.

6) Location

While it is not a given that condominiums are constructed in great locations most of the time you’ll find that the majority (if not all) residences in urban city areas are condominiums.

This is due to the fact that builders and developers have the money to purchase premium parcels of land in urban areas for residences to be built on.

To maximize their profits, they build more homes than possible… upwards. Making condominiums a default choice.