Why Condos are a Good Investment

Why Condos are a Good Investment

The popularity in purchasing condos over single-family homes has steadily risen in recent years with no sign of slowing down. If you have been considering a new piece of real estate to call home, you surely have been weighing your options regarding condos and houses, but perhaps aren’t convinced one is better for you than the other. Let’s examine some of the top reasons why purchasing a condo might be the best housing fit for your lifestyle.

Minimal Responsibility

Purchasing a condo can be an ideal fit for a buyer interested in a home that is move-in ready. Boasting a convenient and low-maintenance lifestyle, condos are an appealing choice for anyone who is too busy for, or simply uninterested in, the effort that goes hand in hand with owning a single-family residence.

Perfect for those who don’t like DIY

If you’re not particularly handy and the idea of physical labor or making DIY repairs and upgrades to your home makes you feel uncomfortable, owning a condo may be the perfect solution for you. Maintenance is generally limited to the interior of a condo, while the condo association fees you pay will take care of the exterior and many structural components. Of course, one of the biggest draws for many people is the fact that they won’t have a yard to take care of, saving both time and money.

Sense of Community

While you may get to know your neighbors if you live in a single-family dwelling, the higher number of residents in most condo buildings and communities means your chances of interacting with your neighbors considerably increases, from walking your dog to picking up the mail, which can be a great opportunity to familiarize yourself with your community and even make some new friends. If you enjoy being social, this could be perfect for you!

Save Money

Generally speaking, you will pay more for a single-family home than a condo containing the same number of square feet when in the same type of condition and in the same area. This is an especially important selling point for first-time buyers or those on a budget.

Extra Amenities

While amenities vary greatly between condo communities, there are often extra perks that could make your life a lot more convenient or comfortable, with some properties that are downright resort-like with pools, fitness centers and sometimes even party rooms, all of which would be significantly more expensive to build or maintain in a single-family home.


The fact that many condo buildings are located in the most popular areas means you could end up living in an amazing neighborhood you may never be able to afford otherwise, often within walking distance to restaurants, bars, shops and more.

Luxury apartments and Condos for Baby Boomers

Luxury apartments and Condos for Baby Boomers

With the oldest baby boomers about to turn 70 years old this year, the majority of these post-war babies are too young-at-heart for retirement villages and still many years away from requiring aged care accommodation. They prefer to downsize from family homes to smaller, luxurious apartments.

Below are some thoughts on what to consider when going through the downsizing process.

The Community

Baby boomers should consider the mix of ages among other residents when choosing the right apartment or condo for luxury downsizing. Some apartment-complexes have a wide range of ages, including young families, while others cater for baby boomer and empty nesters which tend to develop into retirement communities. Many retirees and baby boomers regard community friendliness as an important aspect when choosing the right place to live later in life, and like to have access to local attractions and leisure facilities and be closer to the action than they were before.

Luxury Amenities

To get baby boomers’ attention in today’s highly competitive new apartment market, many health-conscious over-55s clients are looking for onsite gyms, concierge services, underground parking and ground level shops, restaurants and cafes. The inclusion of a pool is also a must for many people, not just baby boomers.


When making your choice of apartment, the older buyers need to make sure that they think the process through and buy in an A-grade location so your home/investment’s value is assured in future years. There are advantages in small boutique apartment complexes, but if there are many onsite features – pools, gyms, communal spaces etc, you will need to assess how much these facilities will cost you and include that in your deliberations.

Facing Old Age and Vulnerabilities

Getting older brings new perspectives on life for some people. They begin to value convenience and realize their vulnerabilities. Ground floor apartments with lovely views in low-rise developments with an elevator become a preference and wheelchair access becomes more of a concern.

    Questions to consider for baby boomers

  • How much are the maintenance costs and how are they budgeted?
  • Is there a long-term maintenance plan for the complex and how has this been budgeted?
  • Are there non-slip surfaces? If so, how much of the home has non-slip surfaces?
  • Are areas suitable for use with walking aids?
  • Are cupboards easily accessed?
  • Is the lighting suitable?
  • Can power outlets be easily reached?
  • Is the bathroom designed well? Can the bath or shower be easily accessed?
  • Is there enough room in the bathroom for a wheelchair?
  • Are the ‘high tech’ features in the apartment including automatic drape opening/closing, security features or remote control of lighting easy to understand and operate?
  • Are there any communal areas (dining/function rooms) that can be booked for entertaining bigger groups?
  • Are there enough storage facilities?
  • Are dogs or cats allowed on the premises? Are there any local council rules?
  • Are there any examples of the developer’s previous projects? Can I speak to any residents?
  • Is access to the benches low enough if I later need a wheelchair?