By Jacob Lundquist
Making a decision about what type of housing to live in can be strenuous, confusing, and annoying. For college students especially, it might seem like a looming presence. Luckily, you need not worry! This list is designed to explain the benefits of condo ownership and guide your decision based on these examples.
Equity Building: Since condos are purchased and owned by you, it can be financially advantageous to buy a condo rather than rent an apartment. If monthly rent in the area matches your potential monthly mortgage, you can capitalize on this by getting resale value when you move out.
Stability: You don’t have to look for apartments every year or worry about your fees changing dramatically.
Fixed expenses: Since rents normally increase over time, a fixed mortgage can save you from dealing with different prices from year to year.
No security deposit: You won’t have to deal with the hassle of getting your security deposit back from your landlord.
Urban area: Condos are often very close to downtown, within walking distance to major places of commerce like restaurants and schools.
Amenities: Condos usually have much better amenities than apartments. Since condos are functionally more similar to houses, they can include things like pools and exercise areas. This also includes community functions and gatherings that may be put on by the housing association.
Maintenance: Housing associations for condos usually deal with exterior problems in maintenance. Everything that you’ll have to do is likely to be limited to inside issues. Condos frequently also have maintenance specialists to help with interior issues.
Employment: It’s also quite possible that condo ownership could benefit you in more abstract ways. Multiple studies have shown that overall increases in homeownership in an area lead to “lower levels of labor mobility” and “greater commuting times” overall; by purchasing a condo instead of settling down in a house, you can guarantee yourself future mobility and thus higher likelihood of substantive employment.
Lower utility bills: Compared to houses, condos tend to be much smaller. As a result, your utility bills will likely be much lower than they would in a house.
Security: Condos are often gated communities, meaning that only people with an access code or key can enter. Condos also have the closeness of neighbors that apartments have, which means you can get to know the people around you more easily than with a house.
Lower Down Payment: Homes require a large down payment to purchase; condos, on the other hand, do not.
Resale Value: Condos in growing urban areas often sell for more just two or three years down the line. By purchasing in an up-and-coming area, you can maximize your sales value. Small improvements on your condo or the building itself can also increase resale value.
If you’re still lost on what decision to make, try using our search tool to find options around campus! You can search by price range and size to find different types of housing and talk to a professional real estate agent about your options.