Buyer beware: Cheap apartments and condos are now in high demand and you’re going to have to make a tough decision to keep your options open.
We’re talking about the latest developments in the real estate market as people look for a safe, affordable, and secure place to live, work, and play.
If you’re in the market for a new home, you’re looking at some of the most desirable real estate in the world.
And while you’re probably thinking that a condo and apartment complex is a good idea, you may be surprised to learn that a lot of people have been making the wrong call when it comes to buying a home.
Binr Duong, a real estate broker in Bangkok, recently spoke to RealestateNews.com about the newest developments in real estate, as well as the importance of owning an affordable apartment when it’s not a home away from home.
A condo or apartments complex is cheaper than a house or condo But there’s a major difference between a condo, an apartment, or a home, Duong said.
The biggest difference between buying a new house or a condo is that they can be built for a much lower cost than a traditional house or apartment.
“In terms of construction, a condo unit is a single-family home,” Duong explained.
“And for the price, a two-story condo can be a lot cheaper than two-bedroom apartment.”
The main difference between condos and apartments is that condos require a mortgage, Duonti said.
But a condo also comes with a lot more amenities, including the ability to park outside and a laundry room.
Also, condos don’t require as many maintenance and upkeep tasks, Duondi said, so you won’t be running around all day looking for a leaky roof or mold.
A lot of real estate experts are starting to make this connection.
A couple of years ago, Duonin said, “I would have never thought a condo would be as good for the money.
It’s not going to break the bank.”
Duong also said that it’s important to consider whether the unit you’re buying is a condo.
“You have to weigh the cost of maintenance and repairs against the cost in terms of rent and taxes,” Duontin said.
“If you think about it, if you’re paying $5,000 per month for rent and $5 for taxes, you’ll have more money for maintenance.”
A house or condos can be more expensive than a new condo But if you have a big budget, it can be tempting to buy a condo instead of a house.
That’s because a new unit is usually much cheaper than the unit it replaces.
But if you’ve been thinking about buying a house, Duons advice is to stay away from the market.
“If you don’t have a huge budget, you have to think of a new way of thinking,” Duondin said of condos.
“That’s the thing I like about condos is that you can go with a new idea instead of buying a brand new unit.”
You may think a new building would be a good investment, but you may end up spending more money on the condo instead, Duonding said.
Duontins advice is that if you think of it as a savings account, you should save the money instead of the condo.
“The condo is a place where you can get paid for the rest of your life,” he said.