Luxury high-rises prove to be good investments
If you’re considering whether a luxury high rise is a great investment, be assured there are many pluses on your side.
Being informed is the first step to making a sound decision on choosing your new home.
Paige Martin, a broker with Keller Williams, said the benefits of buying a condo can include various perks, including as location, location, location.
“Some buildings are located in premier locations where the cost of owning a single-family home would not be feasible in areas such as downtown Houston or the Galleria,” said Martin.
Mashvisor.com’s online article, Is Buying a Condo a Good Investment, discusses important high points to know. One is affordability. Another is that they can create rental income, and lastly, maintenance isn’t your responsibility.
Homeowners associations are the great stress reliever when it comes to the primary reasons why this living arrangement is so desirable. Security, valet, garage parking, storage and concierges are all part of the package.
“There’s also the lock-and-leave lifestyle. Condos are usually excellent options for people who travel frequently and don’t want to deal with the stress or headaches of vacant properties,” Martin said.
It’s good to get to know details about the HOA of the building, Martin said.
“If you’re considering buying a condo in Houston, make sure that you’re aware of the monthly HOA fees, their true costs, the benefits you get from being a resident, and the success themes quality buildings share,” she said.
U.S. News and World Report stated online in their story, 3 Reasons to Buy A Condo and 3 Reasons to Beware, the pros include that a condominium is cheaper than buying a comparable home and typically you’ll spend less on a condo, according to industry experts. The sense of community is as plus as well.
Maintenance is also where buyers can save money. Dues are paid to the HOA, and money is spent on building repairs and upkeep as well as providing numerous amenities and luxuries in the building.
This condominium benefit is that all residents share costs, ultimately resulting in fewer expenses.
“There is less maintenance as the HOA is typically responsible for the building and all common grounds,” she said.
Martin said that there are three critical factors to be aware of when considering buying a condo: the building’s resale history, the building’s median sales price, and the building’s unique personality and atmosphere. She said it is also important to take note of the building’s 10-year and five-year sales performance.
“With over 100 residential buildings from which to choose, buyers should be wary about where to place their investments. Not all Houston condos have performed well over the years. Some buildings are fantastic, well-managed, have great staff, have solid reserve accounts and consistent demand,” Martin said.