Are you confused about whether to invest in a house or a condo? Well, condo and house each comes with its unique advantages in regards to investment returns. So, you can’t just bluntly point out that one is better than the other. In fact, a lot depends on your investment needs.
Investment in condo
Condo investment is great if you are looking for a hassle-free urban property for long term investment. Condos are way stylish compared to single-family homes and host an uber luxury lifestyle. You may check out the beautiful waterfront Piermont Grand EC (Executive Condominium) at Singapore which assures promising ROI. Then, another great benefit of buying a condo is low purchase price. Condos are at least 25% lower in price than homes. And yes, you won’t be bothered by dwelling insurance needs. Then, a condo owner is always relieved of the maintenance hassles. Every condo is administered by its respective Condominium Association that takes care of all the maintenance needs.
However, there are two main catches here. One is condos take huge time to sell. Besides, you have to pay a hefty monthly fee to Condominium Association that takes care of the maintenance. Thus, condo is not right if you are planning a lofty ROI by selling it in short-time.
Investment in house
Now, house sells much faster than a condo. If you have plans to sell your house quickly after staying for a few years, invest in house only. But a single-family home is not as posh as a condo. A condominium is fitted with multiple luxury amenities like pool, clubhouse etc. But you won’t get those always with a regular home. Besides, with a home, you have to take care of the maintenance part as well. However, since you will take care of the maintenance needs – you will have full control over the fixing and repair costs. It is not viable with a condo.
So, you see both kinds of properties come with their respective benefits. Determine your investment needs first and decide accordingly.