Investing in a new home is not an easy endeavor. After all, there is so much to consider in ensuring livable spaces for family and loved ones. While many buyers are tapping into the current trends of new home builds, others are weighing their options carefully. As with any home purchase, you would want a maximum return on investment (ROI) across the board. However, do condos offer a better return on investments than single-family homes? What about a luxury apartment – as a viable option – that offers the best of both worlds?
These answers must be met before you begin looking for new homes on the market. If you or yours simply cannot decide, consider a lavish townhome or apartment at Pines Garden at Pembroke Pines. Pines Garden features 387 new, luxury rental residences within a gated community. The complex is just minutes from the newly opened Pines City Center which features fine dining, retail, and shopping markets. In fact, residents are able to enjoy the vibrant and energetic environment of Pine Boulevard’s stores within walking distance of their apartment and/or townhome.
Finding the Right Residential Rental Property
When looking to invest in a residential rental property, deciding between a condo and a single-family home can be difficult. After all, each option has its own distinct benefits – and yes, drawbacks. Still, with real-estate investments, it all depends on the property, location, and the current market as a whole. You also need to look at the potential return on investment, cap rate, and whether you want to buy, lease, or rent.
Here are some of the perks of single-family homes over condos:
The Appreciation Factor
Condos are considered low-maintenance options for buyers that are not fully sold on purchasing homes. However, condos do assess annual costs (HOA fees, etc) that tend to negate the appreciation of these units over the years. While the appreciation potential for condo ownership is certainly there, who knows if you will be able to sell it for a substantial gain over the years? In contrast, single-family homeownership tends to appreciate more than condos. In fact, many homebuyers would rather invest their money into home improvements than condo fees. The folks that tend to profit from selling condos are the developers themselves.
No Condo Fees with Homeownership
As mentioned above, condos do have fees that cover landscaping, waste removal, parking, property upkeep, and access to onsite amenities. With this in mind, condo ownership tends to cost more than owning single-family homes of the same size. Condo fees are also subject to increases which heighten your cost burden over time.
Restrictions on Condo Use
Condo ownership is also about following the homeowner’s association rules. This includes restrictions on how you use your condo – especially subletting or renting it out to others while on the lease. With single-family homeownership, you still have to abide by your sub-divisions HOA but there are fewer restrictions in most cases. This includes the freedom to design and decorate your home as desired. Similarly, you may be able to convert garages into livable spaces or rent your home out if investing in a new property.
Now, let’s take a look at some of the perks of condos over single-family homes:
Pre-construction condos allow you to put down affordable payments to hold the unit. You may want to buy then sell the unit if it’s reasonably possible and profitable. Similarly, existing condos may sell less than their assessment values due to market trends and buyer-seller demands. This too can be a great opportunity to purchase an asset that will appreciate faster.
- Large-scale real-estate investment firms may buy multiple condos at the same time. This allows them to hold, market, and sell these units to buyers with the right prices. However, some sellers may be willing to lower asking prices on individual units – only if a buyer is willing to take several units. The new owner can then sell these units off for a substantial gain.
- Condos may have cookie-cutter designs but that is not true in all cases. One constant that remains is that for a nominal fee, you get access to a range of amenities that homeownership may not offer. This includes no worries on property upkeep, landscaping, waste removal, or commuting to enjoy pools, walking trails, fitness centers, or entertainment venues.
Get the Best of Both Worlds
While the single-family home versus condo debate will continue to rage, there is a simple solution to this real-estate madness. Pines Garden showcases luxury apartments in Pembroke Pines that offer traditional, down-home living with big city condo-style amenities. With a myriad of floor plans, you and yours get spacious rooms, hardwood flooring, ample storage room, master closets, and so much more. You also have access to a wonderful two-story community clubhouse fitted with the latest in exercise equipment. There is plenty of lounging areas, as well as an outdoor summer kitchen, gazebo, life-size chessboard, gated entries – exits, and friendly neighbors with a helpful HOA.
For the perfect alternative to pricy homes and condos, consider renting a luxury apartment or townhome at Pines Garden at City Center. To learn more, simply contact us today or visit our site.
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