Should you invest in a condo?

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Should you invest in a condo?
When starting a new family, many people are faced with a big decision: "Should we invest in a house or in a condo?". Buying a house is still a popular choice among young families, but they are more expensive than a condo. That is why lots of people are starting to steer their attention to condos, that seem to be cheaper and less risky for young owners. Nonetheless, you must know that there are a series of elements you should consider before making such a significant decision. In this particular article, we are talking about all these things and trying to give you some advice on whether you should purchase a condo.
First of all, you must know that during the housing boom condo development has thrived and lots of people have purchased such homes. Nevertheless, since 2007 condo prices have dropped and many people that purchased a condo as an investment, not a place to live, have lost large amounts of money. Recently, the situation has improved and there are still a couple of factors that can make buying a condo a pretty good choice for you and your family.
Before deciding to purchase a condo, there are a few things you have to consider. To start with, living in a condo means having to pay a maintenance fee every month. This maintenance fee, which needs to be paid to the condo association, has increased in the previous years, but never more than the inflation rate and no more than 3 %. Likewise, if a certain condo development needs to be repaired, you can be asked to pay a special assessment fee, for example for fixing the roofs.
If you think that you can deal with all that, there is no reason for you not to have a terrific experience in your new condo. To be sure that you choose the best development, you can go there and speak with your future neighbors about the advantages and disadvantages of owning a condo in general and of that development in particular.
You can also purchase a condominium and sell it afterwards to buy a house. The very best way to increase the market value of a condominium is renovating the bathroom and the kitchen. That will give your condo an edge over the sea of other condos available on the market and allow you to market it with a higher price.