Benefit Of Getting A Condo Vs. Residential Houses.
September 25, 2008, Thu
Condominiums come in a variety of styles. Some are simply apartments that have been reclassified as condos. Others are much nicer with a real homey feel to them. Its price is simply put; a two bedroom condo will almost always be priced lower than a two bedroom home in nearly every area of the country. There are luxury condos that trump this rule, but there are exceptions to just about every rule. Regardless, the lower price creates a good entry point for first time buyers into the real estate market. The lower price equates to a lower mortgage and thus makes it easier to get the finances together to handle the purchase process.
Second thing is that a condo has everything to do with lifestyle. Simply put, do you have a green thumb? If not, a condo is for you. You rarely have more than a small deck area as part of your condo. The rest of the landscaped area is known as the common area and the homeowner’s association has people to take care of it. If you hate yard work, a condo may just be the answer for you.
And lastly, a condo has to do with social interaction. In many stand alone home communities today, there is little social interaction between neighbors. Life gets busy and advents such as the internet just limit the time people get out and meet. This is not the case in a condo development. Obviously, you can hide in your condo if you wish, but most people inevitably run into their condo neighbors. Whether it is at the pool, gym or condo association meetings, you will find yourself interacting with your neighbors and making friends.
Why Is Buying A Condo A Good Investment
September 25, 2008, Thu
Buying a condo is a good investment because you have a lot of advantages. Home ownership gives you and your family a sense of stability and security. It's making an investment in your future. Also other reasons are for appreciation, because many people view their home investment as a hedge against inflation.
Home ownership is a superb tax shelter and our tax rates favor homeowners. As long as your mortgage balance is smaller than the price of your home, mortgage interest is fully deductible on your tax return.
Unlike in the 20th century, today’s luxury condos provide larger units to attract families. Today’s buyers are buying them as main home or pied-à-terre. The new luxury condominiums have increased amenities and services. St. Francis Tower’s clubhouse has function rooms, a karaoke room and billiard hall. The fitness center has over 50 machines. The fitness center also offers the sauna, cold plunge pool and hot Jacuzzi. A concierge service can do errands for tenants, and the maintenance staff is on call 24/7. House cleaning service can be had for a fee. Residents like the convenience of shopping at Rustan’s supermarket and leaving their carts in the lobby to be picked up. Those who live in a luxury condo in an integrated center like being closer to work and enjoying the vibrancy of the shopping and entertainment. “St. Francis Shangri-La Place has 994 occupied units out of 1,152 and a population of almost 2,000, but I’m amazed that you hardly see people in the elevator,” said Formoso.
AT THE PENTHOUSE rooftop, glass-enclosed Skyroom comes with its own private infinity pool The demand for the large new luxury apartments is constant, added Formoso, so that there seems to be no oversupply on the market. “We launched St. Francis Shangri-La Place in 2005. By 2009, 90 percent of the units have been sold,” said Milen Treichler, marketing manager of Shangri-La Properties. “We’ve been selling One Shangri-La for two years now and 50 percent has been sold out. We’re on track. Many are repeat buyers. It means that they were happy with us and are willing to buy from us again. It’s cheaper to buy when the project is in its infancy because you have longer payment terms.” Asked how the sales team convinces...
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