Category: Real Estate

Although there are numerous benefits to owning a condo which include the lifestyle that such ownership entails; individuals living as single, young professionals who are just starting out, are arguably the most notable beneficiaries. The economic benefits that condo ownership provides for this particular demographic are two-fold. First, owning a condo is certainly less expensive than owning residential property insofar as the material upkeep and residual costs that homeownership necessitates. Second, most contemporary condo buildings offer a host of wide-ranging amenities that would command a considerable cost to an individual homeowner but which can be enjoyed instead at a significantly reduced rate to condo-owners who share jointly in the overall expense. These otherwise high-priced features and amenities usually include guarded and/or private, enclosed parking; 24-hour security and front desk staff; indoor and outdoor swimming pools; clubhouses; gated recreational facilities; etc., etc. (the list goes on and on!!). To that extent, condo ownership is therefore an ideal middle ground for the single, young professional who may very well aspire towards homeownership someday but who still remains a far cry away from white picket fences, two-car garages and 2.5 children.

In addition to the economically sound benefits that condo ownership provides, there are other elemental and lifestyle benefits that are associated with condominium ownership as well. Today, there are as many types of condominiums out there as there are types of people. Plainly put, the condominium marketplace has progressed with such rapidity that the variety and availability of choice in condo options is as original and unique as individual homes. Thus, each type can satisfy the different needs of different individuals and therefore enhance and accommodate every kind of lifestyle. For example, there are distinctions between what are popularly thought of as 'condominium apartments' versus those that are known as 'condominium townhouses', which might have small differences from one another save for their structure regulations. There are also condominiums known as freeholds whereby a condo owner owns the plot of land as well as any structure on the land such as a house or townhouse. Finally, for single or young professionals who are still growing into their grownup-ness, condo ownership signifies an increase in responsibility and a commitment to ownership. To be clear, condo living isn't like renting a single dwelling home or apartment and this is due to the dual nature that comes with owning any condo unit. Condominium owners hold ownership over their respective units but, additionally, each owner is also responsible for the operating costs and maintenance of the all of the shared elements on the property such as lobbies, passageways, and elevators. Here, owning a condo is effectively choosing to live within a community of other condo unit owners and thus, your neighbors. Each condominium complex is a unique community and each owner accepts the rules and regulations that are equally unique to condo living.

In a condominium complex, you also become part of a distinctive community where you as an individual become an integral part in the community as a whole; and this includes being an essential part of the decision making process. However, the advantages that come with shared communal facilities like the pool, clubhouse, and state-of-the-art gym are collectively a strong incentive to watch your neighbors' back. In summation, owning a condo can provide both economically sensible and personally enjoyable benefits to any owner looking to buy but especially for individuals who are single, working and fairly young professionals who are new to the game but ready for more. In addition, because of the multiplicity and vast assortment of condominium units and styles that are available, condo ownership includes something for everyone. Lastly, although buying a condo certainly signifies a new level of maturation and grownup responsibility; the advantages to living in a shared community and to be able to engage as an honest and responsible neighbor will hopefully serve you both by keeping your pocketbook and your sense of self a little more full. For more information or to set up an appointment call Stuart at (703)765-0300.