If living in a condo or townhome means sharing walls with neighbors, people might as well keep on renting an apartment instead of buying a home, right?
Choosing to invest in a condo or townhome gives you the benefits of homeownership at a lower cost than a single-family house. Homeowners can customize their condo or townhome in ways renters can only dream of, and live in a true community.
Here’s why you should consider buying a new condo or townhome instead of continuing to pay rent on a place you don’t own each month:
Buying a Condo or Townhome Protects Finances
Buying a condo or townhome, just like buying a single family home, is an investment. Homeowners can protect their finances in a stable asset that appreciates over time.
Paying rent instead of building equity is like flushing money down the toilet. A toilet that leads directly from the bathroom to a landlord’s wallet, and sometimes getting diverted to building maintenance.
With the cost of living skyrocketing in major metropolitan areas, renters have a golden opportunity to get off the money eating hamster wheel known as living in an apartment, and use it to build equity in a home. Condos and townhomes are an affordable ways for apartment dwellers to invest in a living space they actually own, build equity, and earn money when they decide to sell their house and move.
Protect Against Rising Rents
The affordable price points of condos and townhomes mean renters can swap out their rents for a mortgage without spending more money on housing.
Renters that take the plunge and invest in a home never have to worry about their landlords raising rents. Fixed rate mortgages protect homeowners from the whims of the housing market, sheltering paychecks from increases in housing costs.
Buying a Condo or Townhome Gives People a Better Lifestyle
Buying a condo or townhome instead of renting makes emotional sense as well as financial sense. Homeowners have much more control over their home than an apartment, and group of neighbors that form a true sense of community.
More Customization Options
Whoever owns a living space controls how it gets designed and decorated. Unlike renters, homeowners can experiment with trendy paint colors. Homeowners can buy appliances that aren’t decades old. Homeowners can even renovate their bathrooms and kitchens.
Homeowners have so much more control over their space. They can actually design their homes to fit their lifestyle and personal style, instead of forcing their furniture into a dated apartment layout.
Condo and townhome complexes increase their appeal by including high end amenities, typically not found in apartment complexes.
In addition to offering great amenities for pets, modern condo and townhome communities often offer community libraries, formal dining rooms for dinner parties, arts and crafts spaces, and even co-working conference rooms. Luxurious spas, saunas, resort style pools beat an apartment’s over chlorinated, pee filled pool any day.
Amenity packages in condos and townhomes help homeowners live well in their community. These shared spaces give people the rooms they always wanted in their homes, without making them pay for the extra space or maintenance.
Would you ever want to give up renting an apartment and invest in a condo or townhome? Let us know why or why not in the comments below.
After graduating in 2016 from The University of Texas with a degree in English, Sanda Brown became a content writer for the BDX with a focus on website copy and content marketing.
At the BDX, Sanda helps write and edit articles on NewHomeSource.com, writes website copy for builders, and manages a team of freelancers that work on additional content needs.