When When you think about the advantages of buying an Edmonton condo, “resale value” is rarely one of the things that comes up. People tend to assume the value of a condo is stagnant at best. They think it’s hard to sell condos on the resale market and worry they’ll have to take a loss when it’s time to sell.
Don’t let these misconceptions steer you away from purchasing a condo. In fact, modern condos have great resale value for the following reasons.
Condos primarily appeal to two types of people: young professionals who want to build up some equity but can’t afford the price of a larger home and those looking to downsize. The good news is a lot of people fall into these two categories, especially when you compare these market niches to ones like “families with three or more children.” Since almost everyone goes through these life stages, you have an almost constant demand.
Condos are an excellent option for those who want a low-maintenance lifestyle. You don’t have to take care of landscaping, snow removal, or exterior maintenance. You can leave your home to travel without worrying about someone breaking in. Without these responsibilities, you’re better able to spend your time doing the things you really enjoy doing. This is a great selling point for a lot of people.
Buyers often struggle to find an affordable home in a great new Edmonton community. Many make sacrifices to fit their budget. They either purchase a smaller home in their preferred location or they buy a larger home in a community that’s a bit far from where they really want to be. The great thing about condos is they’re always in convenient locations. Builders want to attract as many people as possible, so they build condos close to city hubs with convenient access to major roadways. In most cases, condo communities are also located in places with walkable amenities. This type of convenience can make a condo easier to sell than a home located an hour away from the downtown area.
Older condos may not be in the best shape. It’s easy to see why someone might worry about the resale value of this type of condo. However, building techniques have come a long way. For instance, sound no longer easily passes between shared walls. The interior designs of new condos have a modern look with classic appeal. The building materials hold up well over time. If you’re buying a brand-new condo over a resale, you don’t need to worry about the quality of your condo deteriorating.
Sometimes, condo communities offer condo amenities to their residents, and these features can be attractive to buyers. For instance, your condo might have a pool, a gym area, or a large room you can reserve for parties. Condo communities might also plan social events for residents or offer other fun “freebies.” Since the upkeep of these special features is included with the condo fees, it can increase your condo’s resale value.
Associations’ Commitment to Maintaining Overall Quality
In some ways, condos have a big advantage over detached homes like the presence of a condo board. Condo boards are made up of condo owners who are naturally committed to the idea of maintaining the quality of the community. They’re responsible for maintaining the look and quality of the exterior, and this protects the value of the condos on the inside.
In contrast, you don’t necessarily get this level of commitment in a community of detached homes. You might end up with a neighbour who doesn’t mow his lawn on one side and a neighbour who seems to be running a junkyard on the other. These things will negatively affect your property value, and you probably have little control over them.
Condos are perfect for renters, so they are also a good choice for those looking for an investment property. When you’re ready to move out of your home, you might choose to rent it to someone else instead of selling it. This can earn you money for years to come. Alternatively, you could sell the condo to someone looking for an investment property. Investors rarely consider buying large homes with the intent to rent.
Condos are a great choice for those who want to start building equity in a home that doesn’t require a lot of maintenance. Despite what many think, they do increase in value, and you’re not likely to have a hard time selling your condo when you decide it’s time to move on. When you see the quality StreetSide Developments offers, we think you’ll agree you won’t have to worry about resale value.