Things One Ought To Know About Condominiums For Sale
Condominiums are a type of home ownership in which home owners own individual units of a building or property. They are designed to provide multi-family housing in densely populated cities where land costs are high and unaffordable.
In the past, condominiums were not the preferred choice for married couples who constituted the major chunk of the home buying market. But, this scenario has changed considerably over the past decade. And, condos are increasingly coming into favor as an attractive option for the single family home buyer.
There are many reasons for this. Homebuyer demographics are changing rapidly. The market is now dominated by singles, women in particular. Increasingly, people are buying homes to suit their lifestyles. Many home buyers prefer multi-family housing. Increasing divorce rates and late marriages mean that more households are headed by singles. Young, single women form a huge 42 percent of the condo market while single men take up 20 percent and married couples occupy 30 percent.
Condo buyers also attract older buyers like retirees, baby boomers and first time buyers who do not, necessarily, want a large, spacious family home, instead prefer simpler housing with all conveniences.
Relaxed lending standards have also encouraged first time homebuyers, especially single female buyers by removing obstacles such as differing credit for divorcees. The Tax Relief Act of 1997 introduced unprecedented liquidity and mobility to the market making it possible for a buyer to own a home, occupy it for a minimum of two years and move without suffering a tax hit.
Condominiums also offer features like one-bedroom one-bath configurations which are very attractive to female buyers and first-time buyers. Condos are a preferred second home for a number of buyers.
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