You’ve worked hard and now it’s time to enjoy the best years of your life. You are looking for the perfect place with resort living, the right amenities and the home to provide you with the physical space you require. The condo market in the Phoenix area has bounced back. People who want the resort lifestyle and Baby Boomers are the biggest groups of buyers. Real Estate analysts say there is a market for luxury condos.
If you talk to friends or family members who live in condominiums, you’ll quickly find out that people love the condo life…No yard to mow. This is a big appeal of owning a condo. There will be no mowing because you’ll pay dues to a condominium association, which will take care of most of your maintenance needs. When you own a condo, you don’t have to spend hours doing yard work or pay thousands of dollars a year for someone else to do it. Many features of condominium ownership are attractive to people exploring different options when it comes to the purchase of real estate.
Condominium developments often provide access to certain desirable amenities that would not be practical or affordable for an individual house owner. Clubhouses, swimming pools, fitness facilities and even the actual location can be much more affordable when shared by a group of owners, rather than by an individual property owner.
Condominium developments offer unit owners a strong sense of community, The Cays condominiums boast a high number of owner-occupied units, which allows neighbors to get to know one another.
A single-family home might be out of reach at a luxury location, owning a condominium unit is often a viable alternative that provides owners with the lifestyle they enjoy at a lower cost. Single-family homes might demand higher prices.
Equity & Tax Advantages
For people deciding between renting a property and purchasing a condominium unit, condo ownership presents two financial advantages over renting, including the opportunity to build equity and the ability to take advantage of tax deductions for mortgage interest and property taxes. If a monthly mortgage payment would be approximately the same as monthly rent in a particular market, it may be financially advantageous to purchase rather than rent.
One of the biggest perks of condominium ownership is that the individual owners are not directly responsible for performing maintenance on the building, common areas or grounds. For many people, this is desirable because it frees up time for other pursuits. For others, it is a well-earned break following many years of home maintenance. In general, the monthly condominium fees cover all expenses related to the repair and maintenance of central services, parts of the building aside from the individual units, grounds and community facilities.
Tags: buy a condo
, the cays