Should you invest in a condo?

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Should you invest in a condo?
When starting a new family, many people are faced with a big decision: "Should we invest in a house or in a condo?". Buying a house is still a popular choice among young families, but they are more expensive than a condo. That is why many people are starting to direct their attention to condos, that seem to be less expensive and less risky for young owners. Nevertheless, you should know that there are a series of factors you should consider before making such a big decision. In this article, we are talking about all these things and trying to give you some advice on whether you should invest in a condo.
First of all, you should know that during the housing boom condo development has flourished and many people have invested in such homes. However, since 2007 condo prices have dropped and many people that bought a condo as an investment, not a place to live, have lost large amounts of money. Lately, the situation has improved and there are still a few factors that can make buying a condo a great decision for you and your family.
Before deciding to buy a condo, there are a few things you need to think about. First of all, living in a condo means having to pay a maintenance fee every month. This maintenance fee, which has to be paid to the condo association, has increased in the past years, but never more than the inflation rate and no more than 3 %. Also, if a certain condo development needs to be repaired, you can be asked to pay a special assessment fee, for example for fixing the roofs.
If you think that you can handle all that, there is no reason for you not to have an awesome experience in your new condo. To be sure that you choose the right development, you can go there and talk to your future neighbors about the advantages and disadvantages of owning a condo in general and of that development in particular.
You can also invest in a condo and sell it afterwards to buy a house. The best way to increase the market value of a condo is renovating the bathroom and the kitchen. That will give your condo an edge over the sea of other condos available on the market and allow you to sell it with a higher price.