A condo is a kind of hybrid dwelling – sort of a cross between an apartment and a house. For example, you can buy a condo, but you aren’t responsible for any maintenance as you would be with a single family dwelling. For many people, then, condo living has more advantages than owning a home. Still, there are pluses that many people are not aware of. So let’s examine 5 perks of a condo in Los Angeles that you may not have considered.
1. Social Connections
For many people, this is chief among the perks of a condo in Los Angeles: the opportunity to make a variety of social connections. And we all know that emotional well being depends in large part on having an extended, quality social network. When you live in a condo, you live in close proximity to many other like-minded people with similar lifestyles, so your chances of making valuable social connections are greatly enhanced. In addition, almost all condo communities and associations sponsor a variety of social events to foster healthy interactions.
2. Deliberate Living
Another one of the perks of a condo is the fact that condo living (especially in a smaller condo) can help you avoid that life of quiet desperation that Mr. Thoreau warned us about. Basically, a condo offers an opportunity for more deliberate living.
Because you typically have less space than you would living in a house, you won’t be able to have as much unnecessary stuff. You will be forced to choose more carefully and deliberately what you acquire. In addition, with less room for entertaining, you’ll have to be more discriminating in whom you have over. And, again, this affords you the opportunity to determine those people who really matter to you.
Most of the time, condos are cheaper and more affordable than detached single family homes. With a house, you are not only paying for more square footage, but also for the land the house sits on. But when you buy a condo, you are paying only for the smaller dwelling itself, and so it is usually more affordable.
4. A Lot for Your Fees
One complaint many people have about condos is the HOA fees they have to pay. Actually, though, that is one of the perks of a condo in Los Angeles because, in most cases, you really do get a lot for your money. Consider that those fees go toward building maintenance and repair, often include waste removal, and sometimes include utilities and cable. Not only are you getting a bargain in this respect, but you are also saving a lot of time and energy because you don’t have to take care of these things yourself.
5. Investment Potential
The perks of a condo in Los Angeles also include the investment potential. Because a condo costs less than a house, it presents a financially less risky way to get into the rental property market. Your options here include traditional longer-term renting (say, a six-month or one-year lease) or short-term renting such as you can do through Airbnb. In addition, condos are now appreciating at a better rate than traditional housing, so your investment will make you money over time.
If you’ve been on the fence about purchasing a condo, take a close look at these 5 perks of a condo in Los Angeles that you may not have considered. There are plenty of benefits beyond the obvious ones like not having to take care of upkeep and maintenance. But if you’re still uncertain, talk to your local real estate agent who can help you sort through all the pros and cons.