Condo values rising faster than single-family homes?
#ALTACITIES data: This report seems to contradict the traditional view of real estate values https://t.co/3vKXQHFGpB— Mike Foxworth (@ALTALOMAN) January 31, 2016
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Condominiums (aka "Condos") are typically known to appreciate at a slower rate than single-family homes, but as more and more communities are built, this variable is changing. Condos are often considered easy, low-maintenance options to park your money, banking on the idea that the condo will appreciate over the years and you will someday be able to sell it for a substantial gain.
While appreciation potential is an important factor when investing, the annual costs involved in holding a condo often negate much, if not all, of the financial gain you’ll get from appreciation, should you be lucky enough to own a property that does increase in value over time. The #SocialCurrentSee clip (heading this post) aside, single-family homes tend to appreciate more than condos, partly because people have a hard time envisioning paying a higher sales price for a property where they have to pay condo fees. Many homebuyers would rather put that money into home improvements of their own choosing.
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