Financial benefits of condominiums

Buying real estate in or around the New York City area is an expensive endeavor. While some people are excited about the prospects of buying a single family home, others realize that a condominium would be best for them.

There are many financial benefits of condominiums, with some of the following sure to sway your thinking at some point:

-- Lower down payment. While not always the case, condominiums are often cheaper than a comparable single family property. As a result, the required down payment is not nearly as high.

-- Amenities. Many condominium buildings, especially in New York City, have a variety of amenities and features. From a gym to a business center to a pool, you will have access to amenities that allow you to spend more time on-site.

-- Lower fees and utility costs. A condominium is cheaper to maintain than a single family home. On top of this, you will not typically spend as much money on utility costs. While it is likely you will pay an association fee, there is a good chance you will still save on a monthly basis as well as overall.

These are just a few of the many financial benefits associated with buying a condominium. Just the same as any type of property, however, there are potential drawbacks to take into consideration.

Before you buy a condominium, it is essential to do your homework. This will ensure that you know exactly what you are getting. Those who buy without having their ducks in a row often times end up consulting with an attorney for professional advice.

Source: Financial Web, "4 Financial Advantages of Condo Ownership" Dec. 22, 2014