In the last couple of years, real estate has seen an increase in the sales of condos and lofts. Basically loft condos are living spaces that have been designed on the basis of open floor plans and were extremely popular as an artist work cum living spaces although now it is quite popular among different segments of people. Today condos and lofts are being considered as a part of the modern living space.
Condos were originally apartments, which were converted into different types of living units by their owners. Condos and lofts share common hallways, areas-grass, laundry rooms, tennis courts, pools, etc. Most of the condos designed these days are being made keeping in mind just one thing: permanent occupancy. There are more and more condos coming up that have spacious and deluxe interiors just like in single-family homes.
Here are some things that you should know if you are planning to buy condos and lofts:
1. Convenience: The most important aspect of condos and lofts is convenience. All condos have their own associations and this means that there are several common facilities like swimming pools and Jacuzzi’s that you can use. There are several condo developments where you can receive other amenities like dry cleaning and car washing. Some of the bigger condominium properties offer small grocery stores, car washing, dry cleaners, Gymnasium, Children’s play park among other services that goes a long way to make life easier for mostly working men and women.
2. Maintenance: One of the biggest headaches of owning a single family home is that they will need ongoing maintenance. If you have a home then you will need to repaint it at least once every three to four years, do small internal repairs, air-conditioning ducts, and even shovel snow in the winters. So with a single family home you will end up doing summer repairs as well as winter repairs. On the other hand, in a condos and lofts, you will be financially responsible for the complete upkeep and maintenance of the common area, but you will not be doing it on your own. Firstly, all members of the condo association will be paying for the maintenance and the management of the condo associations will oversee each and every aspect of maintenance of the property.
3. Price appreciation: This is another important aspect. As compared to single family homes, condominiums appreciate less quickly. But then this is on a national level and the appreciation on the local level might be completely different. For example, if you have a condo in a particular neighborhood where there are several other condos too then you can expect are fairly good appreciation in the rates of your condo. In fact, surveys have shown that in the last 5 years, there are several condominium neighborhoods that have shown some of the strongest price appreciation.