Why are condos so popular nowadays and are they worth it?
Posted by admin in Condos Thursday, 15 April 2010 17:47 9 Comments
By condos, I mean those apartments you can buy. They are usually expensive and small. I wonder why people who can put down several thousand for a house would actually want to buy a condo? No garden, no yard, usually no garage, and it looks like a pretty but small prison cell. Am I missing something here? Why are these expensive boxes so popular for home buyers?
Most are cheaper than houses. People want to build equity instead of paying someone else’s mortgage (aka renting).
These are “starter houses”.
Condos are real easy. No yard means no yardwork. No garden – many people don’t care. No garage (maybe) but the condo is often right in the center of town anyhow. THey are just easy, and usually where the action is.
A lot of times people don’t want a lawn to take care of. I know that here in Michigan you pay condo dues also. Then your yard, driveway and roads in the community are taken care of year round. Anything exterior is taken care of and everything interior is your responsibility. It’s nice for Senior Citizens who can still live independently and for busy bodies who are never home.
convenience
The baby boomers are looking to downsize. They are sick of taking care of yards, snow removal, large house payments and utility bills, etc. Their kids now have the big houses and yards. Grandma & Grandpa would rather come visit than take care of all that as they enjoy their empty nesting years.
Actually no condoes usually are not expensive, and most the time not too small. You can get a nice 3 bedroom 2 bathroom for around 200k in most towns, alot with garages. What attracts most to them is I think that they are usually brand new. So you are getting like a brand new house, for half the cost.
I am just out of college with little cash. I need to build a better credit score and have a place to live that isn’t to expensive. Condos fit all of that and I can dump it easily if I need to at little to no loss. There are more people looking for condos then houses because there are more people able to afford them. Condos run around 150 – 300 thousand in my area with houses starting around 300. I can’t afford 300 and don’t want to drive beyond 40 miles.
A lot of people dont like to maintain yards and or cannot do it and the maintenance expenses for everything else is a lot more in a house compared to a condo. It really depends on what you want to do.
You’re missing demographics.
Every 17 seconds a baby boomer turns “50″
They are done with yards, gardens, mowing, weeding, etc.
Many of these “Condos” are big enough for the old folks as they don’t need a lot of room to move around.
Growing up in Scottsdale Arizona I see these developments sell out in record time. To who?
Baby boomers looking for the absolute best weather in the United States 6 months out of the year.
Terry S.
http://www.Welcome2Arizona.com