Why are condominiums so popular?

When a person is looking for a place to buy or rent in the New York City area, he or she will be presented with a variety of options. Condominiums continue to be a popular choice for a number of reasons.

Even though a condo is not the right choice for every buyer or renter, it is something worth considering. This is particularly true if you have already become familiar with other options, such as single family homes and apartments.

There may be many benefits of condominiums, however, two stick out in the mind of most buyers and renters:

-- Low maintenance. This is more so a benefit for buyers, as they don't have to deal with the maintenance associated with a single family home. In particular, there is no landscaping or snow removal concerns. The same holds true with many areas of the exterior, such as the roof.

-- Reduced costs across the board. Condominiums provide buyers and renters with a low cost alternative to a single family home. This is magnified in expensive regions, such as the area around New York City, where many single family homes are priced much more than similarly appointed condos.

These are just a few of the reasons why condominiums are so popular. This trend could take a turn for the worse in the years to come, but it is not expected. With a variety of benefits, including lower costs, buyers and renters will continue to look into this type of housing.

Before signing a lease or making a purchase, many people consult with a real estate attorney who has experience with condominiums.

Source: SFGate, "Advantages & Disadvantages of Condos & Coops" accessed Jan. 26, 2015