Is buying a condo a good investment for 2021? This is a question on the minds of many real estate investors as 2020 draws to an end. As you may already know, condos (or condominiums) are multiple individual units housed in one complex or building. Unlike apartment buildings that are owned by one entity, condo units are individually owned. Condo owners share common facilities such as pools, gyms, and grounds, for which they are required to pay a maintenance fee. To answer the question “Are condos a good investment for next year?”, we need to look at some of the pros. We also need to consider some recent condo market trends while being impacted by COVID-19. Thanks to insights from Mashvisor, let’s get into it.
3 Reasons Why Condos Will Make Good Investments in 2021
Here is why condos are a good investment in the international housing market for 2021:
1. Reduced prices make for a good deal
Before the pandemic, the market for condominiums was moving in an upward direction. Although since, sales have significantly slowed. Revealed in a recent Redfin report, condo sales in the U.S. dropped 53.5% in May and 31.3% in June 2020 in a year over year analysis. With the pandemic far from over, it is expected that prices will remain low and allow buyers to find a good deal. Additionally, the pandemic has brought about distressed sellers who are keen on selling, with more opportunities to negotiate a mutually beneficial deal.
2. Appreciation of investment
Additionally, with the pandemic not directly related to real estate, the market will bounce back at stabilization. Furthermore, this would the time you would want to buy real estate whereby you begin to make an earning from rental income. Condos for sale come with shared facilities like swimming pools, jogging trails, tennis courts, golf courses, and gyms. This could make it easier for you to attract traditional or Airbnb tenants to your rental property. Since your tenants can enjoy all these amenities without leaving the property, they are also likely to stay even longer.
3. No additional investment required
As a home owner, repairs and maintenance all fall within your responsibilities. And ultimately, in your expenditure; whether that’s fencing, roofing, plumbing, or even patios. Besides being expensive, it’s also time-consuming, which isn’t ideal for second home owners or even those looking to enjoy retirement. If you’re a condo owner in Belize, you won’t need to worry about shoveling snow or even putting any more funds into the exterior maintenance of your investment property. As a condo owner, you don’t have to worry about shoveling snow, trimming hedges, cleaning gutters, or painting your investment property. Once you’ve paid your condo fees, you can sit back and simply enjoy your condo.
Find your new condo investment in Belize with Sunrise Realty
Sunrise Realty, a real estate business on the island of Ambergris Caye that focuses on island living, shares their latest beachfront listings in Belize. Whether you are looking for a condo, villa, undeveloped land or even commercial land, Sunrise Realty has the resources to help you find the perfect investment opportunity on Ambergris Caye.
New Listings Available on Ambergris Caye
- San Roman Beach Villa
- Grand Caribe Belvoir 3-1
- Blue Dolphin Beach Villa
- Sapphire Beach Resort Unit 7B\