People who are currently living in an apartment or other rented accommodation would be wise to look at new condos to purchase as a smart financial move. While it is true it may cost a little more per month to make a mortgage payment, pay utilities, and contribute to common expenses through condo fees, in the long run buying always pays off when compared to renting. And new condos are considerably cheaper than purchasing a house, so the expenses are easier to manage.
New condos are especially attractive to the over 55 population. Most have raised their families and the children are working and living away from home, so the couple is living in two or three thousand square feet of living space and using only a small portion. Meanwhile, they are paying utilities and taxes on the large home and not realizing the advantages of it.
These young seniors are also looking at retirement in the next five or ten years, and with more leisure time comes increased opportunities to travel. The freedom offered to the owners of new condos is perfect for those wishing to winter in the sunny southern USA or take extended vacations sight-seeing in Europe and other long-dreamed about destinations. All the yard work and snow clearing is done for them by the management company of the new condos, so they don’t have to worry about hiring somebody to keep up the maintenance while they are away.
As couples get older, the convenience of new condos is apparent as well. If they have wisely purchased one that is built all on one level, they will find it easy to navigate throughout their smaller abode if they experience arthritic joints or have mobility problems, perhaps even requiring a wheel chair. All the rooms are located on the same level as stairs have been eliminated. Many new condos are being built near shopping centres and medical providers, and are located on convenient transit routes, also benefitting the senior owners.
New condos that are built apartment-style often have a guest suite which family can reserve when coming to visit. They have elevators and underground parking for further convenience. Another available style is the coach home, which features two units adjoined one above the other. Seniors who wisely purchase the lower unit also have the one-level convenience but it is often larger than an apartment condo, with many starting at 1000 square feet and featuring a choice of one and two bedrooms and a den, or three bedroom units, enough room so each can enjoy crafts or fix a room up for their favourite den or sewing room.
Whatever they choose, purchasers of new condos are making a wise decision to invest in a home of their own in which they can gain equity and the pride of home ownership.