One of the best things about condos is that you can buy them in virtually any city! Whether you want to live in an urban area, a quiet part of the town, or a suburban area, you’re bound to have a loft or condo nearby. However, most people choose to buy condos in major cities and busy areas. What are the benefits of buying a condo in a busy part of the city? Below are some of the many reasons a condo in a busy city is a great investment!
Increase in Value
Many people might think that condos don’t have as much value as single-family homes, or that they don’t increase in value as much. On the contrary, condos can increase in value as much as 8.7%, according to recent statistics.
This increase in value is a great way to turn a profit and turn your investment into real, hard-earned money. Condos are a great asset for people that want to have a luxurious space to call home, while also having a property that can increase in value just like a regular single-family home can.
Better Commuting Times
If you live in a major city, you know just how difficult it can be to commute to and from work. In fact, the average commuting time is around 28 minutes. Add traffic into the equation, and your commuting time can be extend hours. Fortunately, having a condo in the middle of a busy city can help reduce commuting times.
You can commute by foot, ride-sharing services, or even scooters or bikes. In addition, having a condo in the middle of a busy city allows you to network with other professionals having lunch nearby. If you want to live in an exciting city with other creative professionals, condos provide the best choice for living.
In addition to being walking distance to and from work, condos also allow you to be nearby hotspots like bars, clubs, and entertainment centers. This is good news for people that want to buy a condo in fun cities, such as condos St. Louis-based has. St. Louis was named one of the most entertaining cities in 2022.
However, you can buy a condo in virtually any major city and still be within walking distance to fun areas, saving you money on gas, commuting costs, hotels, and more. Living in a condo in a busy city is also a great way to stay safe, since you can easily walk back and forth from nightclubs and bars without getting behind the wheel.
Better Rental Opportunities
Since condos are nearby entertainment centers in busy cities, this also makes them a great rental opportunity! You can rent your condo to busy commuters traveling to and from business conferences, or rent it out to a tenant that wants to live near the city.
Condos are incredibly versatile in terms of renting, making them one of the best properties to invest in if you’re new to the real-estate game. They are also affordable, meaning you can buy one and rent them out as soon as possible to enjoy profits from your rental.
Condos are, on average, around $10,000 cheaper than single-family homes. For many people, $10,000 is the difference between owning a property or paying into the black hole of rent. Consider buying a condo in a busy city if you simply can’t afford a home nearby.
These are just some of the many benefits of owning a condo. Explore your options today, so you can find a condo that suits your budget and lifestyle!