If you could choose to live anywhere in the country, where would it be? You may dream about living on the beachfront in Miami watching the waves crash from your bedroom window. You may wish you lived in Las Vegas and could watch the bright lights flashing on the strip. You may want to live in Colorado with snowcapped mountains right outside your door. Whatever your dream may be, luxury condos are available throughout the nation to make it an affordable reality.
What are the benefits of buying a luxury condo?
Luxury condos are available to rent, to buy in timeshares, or to buy as the sole owner. If you are single and looking for a primary residence or a married couple looking to buy a second home, luxury condos are smart, affordable investments. They are usually cheaper than homes and are convenient for people who cannot afford a large mortgage. Condos are also usually smaller than most homes so they are nice for single people or small families that do not need the space of a house.
Other benefits to owning a condo are the onsite amenities that many condos offer such as: pools, hot tubs, fitness centers, tennis courts, sand volleyball pits, clubhouses, playgrounds, etc. Condo owners are usually not responsible for the maintenance or repairs of those amenities because they pay a monthly condo fee that covers those costs. Some condos may have small front yards or community courtyards and most condo fees cover the maintenance costs of those also. Another benefit to owning a condo is having close neighbors and usually being conveniently located near shopping centers and employment centers.
The drawbacks of owning a luxury condo
One drawback that was previously mentioned as a benefit is the proximity to neighbors, shopping centers, and business districts. Depending on each owner, this can also be a downfall of owning a condo. Many condos are stacked or have joined walls, so you may have to deal with loud, obnoxious neighbors. Also, some people prefer to be away from shopping centers and busy streets because of children. Lastly, the condo fee may be a drawback for some. If you are not interested in using the condo amenities, you are still required to pay the condo fee.
Planning for retirement
Once you retire, you may want to permanently move to the place of your dreams. But, have you ever considered buying a condo prior to retirement? In most cases, if you buy a condo prior to retirement you will not be able to occupy the property full time. If you can only take a few weeks of vacation during the year, consider renting out your condo during the times that it is vacant. Condos on the beachfront or in tourist locations are in high demand and you could make quite a profit from occasional renters. The money generated from renting the condo can pay your mortgage or simply supplement your retirement fund.
Luxury condos can be a great place to live permanently, or they may be a great place for your family to escape to for a few weeks out of the year. Whatever you use it for, you will find that owning a luxury condo is an affordable, satisfying investment.
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