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Benefits of Owning a Condo vs. a House
Being a homeowner means enjoying the freedom of having a space that you can truly make your own. And owning your home is certainly a better value than renting. But what if you could still have the freedom of unlimited customizations, the financial benefits of earning equity on your housing payments, but with the added benefit of a built-in conveniences and lower monthly costs?
You can with a condo home. Living in a condominium can offer all the freedom of a single-family home but at a much lower cost. To demonstrate the great savings of a condo home at 17 Chapel, we broke down the costs of condo ownership compared with single-family homes in Albany.
Condo vs. House
Click to download this as a PDF file which includes important disclosures and assumptions used above.
As the chart shows, the real cost of owning a condo at 17 Chapel is much less than owning a single-family home of the same value. For instance, the Empire 405 condo at 17 Chapel costs only $2,191 per month. This compares very favorably with a single family home of almost the same value in the area, which would cost $3,111 per month, based on a mortgage with a 20% down payment.
Another thing to calculate when considering condo ownership is all of the money you can save on home maintenance. The total prices listed for 17 Chapel include projected common area maintenance costs. Hiring contractors (or buying equipment) to plow snow, mow lawns and make exterior repairs would easily add thousands of dollars per year to the costs of a single-family home. Not to mention the headache of making sure these things get done!
Our condos offer large rooms, ample windows and high ceilings, so you’ll still live comfortably in a spacious home. Additionally, each homeowner at 17 Chapel has access to a secure, heated indoor garage, furnished roof deck, and fitness center, all onsite. These perks add even more value to your home.
Both single-family homes and condominiums allow you the control and financial benefits of being a homeowner, but only a condo like 17 Chapel Boutique Condominiums provides the most value for your investment.