Executive condominiums. City-center condos. Vacation condos.
For as long as humans have searched for real estate, the condo has been a popular choice among folks of different ages. Call it the appeal of having all the benefits of a real home without the mortgage payments. Call it the access to private pools, spas and fitness clubs. Call it the spacious garages. Whatever it is, the condo is an appealing slice of real estate even today.
But what about investing in that kind of real estate? You might have some reservations about it (especially if you’ve never invested in any kind of property before). But all signs are pointing towards now as the go-to time for investments in the world of condominiums. For example…
The Baby Boomers are looking to downsize.
Right now, conditions are perfect for getting your investments lined up for new condominiums, especially in vacation spots and idyllic climates. As the Boomers begin to age into retirement, they’ll be looking for a new place to kick up their feet — and vacation condos are just the right fit for folks looking to cash in their savings funds. It’s really just a matter of which warm-weather state you’d like to set your sights on.
The Millennials are looking to upgrade.
Because they allow more space and freedom than apartment buildings, condos are also gaining traction among young people who have recently graduated from college. And when condos are located in urban settings, it’s almost a guaranteed home-run for both the landlord and the tenant. Young folks get all the benefits of living independently, without having to worry about taking care of a lawn or general house repairs. In those situations, urbanized condos are 100% better than vacation condos, at least as far as the young professionals are concerned.
The housing market might be back on its way up.
It’s still early, but it’s looking like the United States real estate market might finally be climbing its way back up to a normal level. Since its initial plummet over five years ago, the market has seen jagged growth spurts, but the latest predictions show that the long wait might finally be over. Plus, spring is finally here, and with spring always comes a flood of new interest in both buying homes and folks who are buying condos as an investment — and the people who want to live in them.
But is a condo a good investment at all? We’ve put together three reasons why it is, but ultimately it’s up to you to make the decision for yourself. For more information, visit a local real estate company.