Buying A Condo
In many ways, moving from a rented apartment to a condo is a next logical step. The simplest way to think of a condo is “an apartment you own.” This is the critical difference between owning a home and a condo. With a home, you own the building as well the land the building sits on, and you’re responsible for anything that needs maintenance on the property, whether it’s the roof or a tree struck by lightning.
With a condo. The only repairs you are personally responsible for are any breakdowns in plumbing or other household damage that takes place directly within your living space. Maintaining the grounds, fixing the roof, or taking care of water damage is all handled by the company that runs the condo, and is part of the monthly maintenance fee condo residents are expected to pay. In that sense, owning a condo is a combination of paying a mortgage while still paying a monthly fee for care of the building, or for access to building features such as a gym, swimming pool or other amenities.
For people that want to own property in the heart of the city, Orlando condos are the best way for busy professionals to live, work and play at the center of everything.
Condos As Investments
The condo in particular has been the subject of mass investment from both local and foreign investors in every part of the world today. The high value locations of many new condo projects combined with the occasional prestige of high profile architects participating in these projects makes condos a very attractive place to put money compared to volatile stocks and other investments in an uncertain economy.
Even if you actually plan on using the condo generate income itself as a rental unit, condos deliver, as they appeal to broad demographic of renters, from overseas families looking for a place to house their children while they study abroad, to young urban professionals looking for a place to live that’s close to the office. The sheer convenience and desirable location of condos—especially newer projects—means that spaces fill up quickly.
If you’re in the market for an investment that will only appreciate in value, Orlando condos are an attractive deal. While other cities in America already have a heavy condo investment presence, the state of Florida and cities like Orlando and Miami are not as heavily saturated, and are ripe for such investing.