Primary Residential Mortgage, Inc.
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One of the key selling points why some people would like to have a Georgia condo unit of their own are its amenities. Most condos almost have the same amenities as a hotel, the only difference is that you’re living in it. But aside from its great amenities, is there anything else nice about getting a condo?
A Sense of Community
People who live in many condominium developments have a strong sense of community. Some even organize a variety of planned social events depending on what occasion. Since there are several units in a building, most people who live in a condo gets to meet their neighbors. Other condominiums even have a high number of owner occupied units, which increases the chances of meeting other people.
Most condo units are located in the city, which makes it ideal for people who wants to live near their workplace. Although some people would prefer getting a vacation house, condos already have the amenities that a hotel usually has, and you can enjoy them every day. This is a great lifestyle for people who likes to unwind once every week or so.
Tax and Equity Advantages
With the increasing rents in all cities including Atlanta, getting your own condo would be a great idea. Owning a condo can build your equity and make you eligible to get tax deductions for the mortgage interest and property taxes. So, if your monthly rent is approximately the same as what your monthly mortgage payment will be, choosing to get a condo might sound more financially advantageous.
Some people see a condo unit as a form of investment, either by selling the unit later on or put it on rent. According to some real estate agents located in Georgia, most people who see their condo unit as an investment tend to see its rental potential. This is because condominium units tend to appreciate more slowly if compared to single- family home, making it less desirable to be put on the market. Since condo units have great amenities, most people would rather rent your unit than getting a room in a hotel for the same amenities.
Since all amenities in the condo development are shared by all tenants, performing maintenance on the building and common areas wouldn’t be a hassle. Monthly association dues or condominium fees cover all expenses that are associated with the repair and maintenance of all parts of the building aside from the individual units, grounds, and shared facilities.
Getting your own condo has its perks and benefits. However, the deciding factor in purchasing a condo unit is the price. Its price would depend on how large the unit is and its location. You have to know the breakdown of what your monthly payment will before deciding on getting one.<< Back to the list.