If you are searching for a real estate investment, you might have come across two potential alternatives that promise to deliver favorable returns – the condominium and the apartment. In order for you to determine which one has an edge over the other, you need to weigh the pro’s and con’s.
What is an apartment?
An apartment is a type of a multi-property investment. Depending on the available land area and the floor area, it can have as little as two units or as much as 20 units for rent.
What is a condominium?
A condo unit forms part of a large residential building that is usually located in urban areas. Because the units are like legos stacked vertically, condominiums allow developers to custom-build such structure in the middle of the city.
5 Times Condo Proves to be Better than an Apartment as an Investment
Some real estate investment experts claim that buying condominiums is a better option than having to get an apartment, especially for business purposes. But before you believe this statement and search for a listing of condominiums available such as Arch lofts, make sure to read how this option proves to be a smarter choice than apartments.
- Small-space Living
Gone are the days when wider living space is so in. These days, more and more people are starting to become minimalist in their choice with respect to home living. This only means that it does not matter how small is the space you live in, what matters is actually what is in it. This especially holds true with the younger generations, or basically the millenials who are still trying to build their own career.
- Enticing Amenities
One of the major reasons why a lot of people still choose to buy or rent a condo unit is because of the exclusive access it gives the owner to a wide range of shared amenities which include but are not limited to pools, gyms, courts, and spas, which cannot be found in apartments. Also, given the fact that they are able to access them anytime they want without needing to travel for long hours would mean savings for them. For this reason, people who want to make money out of these condominiums can leverage these amenities to attract potential clients.
- Heightened Security
Aside from enticing amenities, another selling point of condominiums which cannot be found so much in apartments is heightened security. Since security is tighter in a condominium complex, people who choose to live there will feel that it is a safer place for them and their loved ones.
- Strategic Location
Developers, just like their investors, always want to make sure that the condominium complex they construct is found at a certain place that is strategic, if not at the heart of the city. That being said, you can gain advantage over your competitors as you will be able to offer something that will make your clients appreciate the proximity of their homes to establishments essential to their daily living such as banks, schools, hospitals, malls, markets, and whatnot.
- Enhanced Privacy
Anyone looking for privacy would definitely go for a condo unit instead of an apartment. Although the units share a common wall or two, they have been constructed such that they will be able to offer not only a comfortable place to live in but also a quiet one. There are no restrictions as to who can rent the unit as long as one abides by the rules and regulations of the condo association.
Renting out condominiums is undeniably another stream of income that risk-takers should capitalize on. They will not top the list of real estatement investment options if they are not lucrative, right? However, just like other business-minded persons do, you need to dive into any venture with calculated risks. So prior to making that big investment, you need to know first about your options. After all, the amount of money you use to procure a unit is so huge you do not want to make wrong moves for this kind of business. Find out here the other tips on choosing the real estate investment that will work for you best.