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Why Condo and Community Living?

5-reasons why you want to live there!
By Marita Greenidge & Alexis Trotman on Wednesday, October 19, 2011

Home designs in Barbados have evolved to create a look that's functional and breathtaking. Condo and community living is fast becoming an emerging trend that appeals to singles, young couples, bachelors and the ever-adventurous baby boomers! Not only are these Barbados real estate developments chic and contemporary, they offer an excellent investment opportunity. As we embrace a modern and ever-changing property landscape, let's take a look at condo and community living and see why it should appeal to you!

1. Security:

Many condos and communities have extra security features such as 24-hour security and buzzer controlled gates which restrict access to uninvited guests. Although you can never fully prevent the occurrence of crime, restricting access creates a safer living environment for the homeowner.


2. Investment:

Your condo or community property can earn you great returns from short/long term rentals or from the eventual sale of the property. Some investors buy their units, hold onto them for a while and then sell or rent them out. Cash flow from rentals or a sale can cover expenses and make you a tidy profit. For a hassle free process you can hire a property manager to take care of all rental details or a real estate firm to handle the sale of your unit.


3. Convenience:

Young professionals lead busy lifestyles; stay-at-home moms need facilities that fit into everyday routines with their kids; active retirees love the idea of being able to have amenities that are close to home.  One of the great perks of living in a condo or community is the on-site facilities that would otherwise be difficult to afford. Amenities offered often include swimming pools, fitness centres, playgrounds, tennis courts, golf courses and not to be forgotten, often times a stunning beachfront view. The more you spend the more perks you get!

 

4. Low maintenance

Forget mowing the lawn, finding a great plumber or fixing the roof! When you live in a condo or community, arrangements can often be made with a property manager or private entity to contract property maintenance. If your community affords you the perks of a pool, park or playground, you can look forward to having the maintenance done by someone else!

 

5. Turn-Key Solution

Avoid the hassles and risks associated with building a home from scratch such as underestimating the true cost of building, or managing contractors. Simply negotiate the price and turn the key! Many condos and community homes also come with furniture packages precluding the need to search for carpets, sofas, dining sets, etc. This is a great benefit for property investors who simply want to rent a home that looks appealing to tenants.

 

Communities are often made up of townhouses while condominiums are apartment-style buildings. Each respective buyer owns a condo unit while all the unit buyers own the common areas and the building itself.  This means that all building maintenance, painting, roof repairs etc. is shared by the property owners. It is worthwhile to note that many of the benefits mentioned above vary by development type so make sure you do your research so you get all the great benefits you want! We have a comprehensive tool outlining Condo Levy fees for properties across Barbados, so before you consider a purchse - have a look at our Levy Chart here. Search the Terra Caribbean website to find a comprehensive list of superb condos and communities in Barbados; you are sure to find one that suits your lifestyle. 

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