High-rise condominiums in metropolitan areas have become popular for several reasons. They are chic, comfortable and often serve as a status symbol. Still, such properties are very pragmatic for those who need to commute to nearby urban areas. Purchasing such condominiums can be a challenging task and several factors should be taken into account before one is able to make an educated decision. So, what are the benefits and drawbacks associated with the typical high-rise condominium?
One of the main advantages of a high-rise condominium is that there are more available than ever before. This was brought about by the fact that a greater number of professionals and their families are seeking residences in convenient locations. In some cases, prices can be substantially reduced.
It should also be mentioned that a high-rise property can be a lucrative investment if it is found in a valuable location. If it lies close to major transportation hubs, such as trains and buses, it is likely that its original value will increase over time. Those who are looking for a condo for sale or for rent as a long-term investment should keep this in mind.
On-site amenities, such as community pools, a private security force and gated gardens are all very common in typical condominium properties. Those with young children must always consider these features before making the final decision.
High Rise and High Risk?
Those who are searching for high-rise properties still need to address a few potential pitfalls before signing the contract. First, it can be very difficult to rent out such a property. This ultimately depends upon the agreement stated within the rules and regulations of the property owner’s association.
While there is indeed a possibility to accrue wealth in long-term investments, much research has pointed out that the values of low-rise and standalone condominiums experience greater capital gains over time. Nonetheless, this depends upon the specific property in question, as well as the year it was built and its location.
As high-rise condominiums tend to be part of a larger complex, the levels of maintenance should also be determined. From regular upkeep issues, to fixing any sudden problems when they occur, make sure you get the value of your purchase with top-notch maintenance.
Corporate fees are a final factor that should be closely examined. In general, a larger complex will naturally require more fees to be paid on a regular basis. Note that these fees may not be necessarily included within a standard mortgage package, so read the fine print. Those on a rather fixed budget should pay careful attention to the amounts that are required. This is particularly the case with older buildings and properties.
High-rise condominiums are extremely popular within metropolitan areas. With a growing number of individuals and families opting for such residences, it is always a good idea to appreciate these various considerations before sealing the deal.