The home equity loan market is booming.
But for some people who can’t find homes for sale, that means the only way to afford a home is to buy a condominium.
And when that condo doesn’t fit your lifestyle, it can be difficult to keep the mortgage payment low.
And that’s why real estate agent Joel Johnson thinks that condominiums are a good investment for some.
“A lot of people are in the condo business because they can’t afford a traditional home and they want to be able to move to a more expensive place, so they’re in the market to purchase a condo,” Johnson told CBC News.
“A lot, a lot of them, are looking for a little bit of extra security.”
In addition to condo-buying opportunities, Johnson said that buying a condo can help you save on rent and mortgage payments.
And it’s a nice option for someone who doesn’t want to have to commute to work or commute to school, as well.
“You can rent a condo for the money, you can buy a little cheaper condo,” he said.
“The biggest downside is you have to get a lot more work done, and you have the expense of living there and the cost of living in the city.”
A condo that doesn’t meet your lifestyle?
Johnson suggests a number of ways you can help yourself.
Find a condo that meets your needs.
Johnson says that some people find that buying the same condo that they are currently living in can be a good deal.
“If you can rent one and it’s not a condo you’re in, you might be able buy one for $200, $300 a month,” he explained.
“But if you’re looking for an apartment and it is, you could probably get $1,000 a month for a condo.”
“If your lifestyle is not conducive to living in a condo, that is an option that might be worth looking at.”
If you’re interested in buying a condoy or condo, check out these other resources:What are the pros and cons of buying a home?