If you are going towards retirement age, you should think about having a future plan. Some things that come to mind are whether you should move across the country or stay in your hometown. In recent times, condos are becoming more and more popular for retirees. But, are condos a good investment after retirement in 2022 or not? Read this article to find out!
Are condos a good investment?
There can be many questions (such as what is the amount you should invest, where should you invest, and many more) that come into your mind when you are investing as a retiree. You can go through the retirement finance guide so that you can learn to be financially independent in your retirement days. Now, coming on to the main question: are condos worth the investment!
Condos are cheaper than single-family homes, you won’t have to pay a higher price for the initial purchase. However, you will have to pay an HOA fee as the outdoors of most condos are handled by the homeowners association. Here are some of the advantages that you will have after owning a condo:
A condo offers flexible living as it is perfect for buyers who require to downsize or don’t want to spend a lot of time and money to maintain a home. A smaller space is best suited for people who travel around and enjoy the city rather than staying at home.
Affordable As Compared To Single-Family Houses
In bigger cities, a condo is more affordable compared to single-family houses. To your surprise, in many cities, having a condo is cheaper than renting an apartment or purchasing a townhouse.
Insurance Is Cheap
When buying home insurance for a condo, your policy will cover structural damages within your private unit. However, building defects would be covered by the HOA and you won’t need a separate policy for that. The homeowner’s insurance covers protection for personal belongings and structural damages caused because of natural disasters, thefts, and more.
Most condos come with proper communal spaces like patios or rooftops, where you can get to know the other people living there. It is one of the many benefits of taking up a condo after retirement, as you can meet new people without leaving the condo community. Additionally, these communities have fun events where you can participate and socialize with your neighbors.
Many condos include community amenities such as a pool and fitness centers which you can easily use at any time of the day. Some condos even include tennis courts or spas. However, keep in mind that you will have to pay more homeowners association fees for better amenities.
While purchasing a home, you will also have to buy major appliances, but many condos come with pre-furnished household items such as kitchen appliances.
“Home Warranty is one of the assets that you can add to your condo”, said Krupesh Bhat, founder of HomeWarrantyReviews. Home warranty helps a homeowner in case your home appliance or system breaks down because of a normal wear and tear in return of a nominal premium.
Most condo buildings include proper entrances and surveillance cameras to help protect the homeowners. Also, some even appoint a security guard or door-men to keep an eye on the condo. So, having proper security will help you to stay tension-free at any time of the day or night.
Condos are potentially a good investment if you do your research properly before buying one. When they are properly maintained and taken care of, you won’t have to undergo any problems in the future. Also, it is a great investment for your retirement and an affordable option compared to standalone buildings with no/minimum security.