Condo Buckeye, the westernmost enclave of the Phoenix metro region, has recently generated a lot of media attention. In contrast to its 65,000 or so residents, Buckeye had less than 7,000 residents in 2000.
Even though Buckeye is only thirty-five miles from downtown Phoenix, you might need to get to know it better, even if you have lived nearby your entire life. Lately, the valley has observed a strong demand for condos in Buckeye AZ. This post will try to decode the reason for the high demand for condos.
What Is A Condo or Condominium Property?
A condominium is a form of real estate ownership in which an individual or group owns a unit within a multi-unit structure. This is in contrast to houses, which one person or family owns.
Condominiums are often called “real estate cooperatives.” This is because, rather than being owned by one person, the property is owned by all who live there. As a result, benefits such as maintenance and use of common areas (such as a gym, swimming pool and parking lot) are shared among all owners.
In many cases, condo owners also have the right to change their units while living there (or to sell those rights). However, if the owners don’t have this right, they may restrict how much they can change their units after the original tenants move out.
There are two main types of condos: common interest community (CIC) and planned development (PD). In both cases, you own your unit but not the land underneath it — this is owned by everyone else in the community.
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What Are The Benefits of Investing In A Condominium Property?
Condominium properties are a great investment opportunity for anyone looking to enter the market. The benefits of investing in condominium properties include the following:
- Lower Down Payment Requirements: Since condo units are typically smaller than single-family homes, you can often buy with a lower down payment (10% or less). That means you can invest with less money out of pocket and more equity built in from the start.
- Less Expensive to Rent Out: Rental rates for condos tend to be higher than single-family homes since they’re in higher demand. It may take longer to reach breakeven on your initial investment. Still, once you do, it will likely be easier to maintain profitability and rent out your property at a high enough rate to cover expenses and mortgage payments.
- More Affordable Acquisition Costs: Condominiums can often be purchased at lower prices than single-family homes because they don’t require as much land as single-family homes, which have larger backyards that need maintenance over time. You also won’t have to pay for lawn care services like fertilization or mowing. These services are typically included in common area maintenance fees paid by residents living in the building!
If you are interested in purchasing real estate, owning condos in Buckeye AZ can provide advantages in terms of location, price, and resale value that other types of properties may not offer. But if you’re looking for something specific, such as creature comforts or fully automated features, be sure to work with a real estate professional to get the inside scoop and the best deals.