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“A growing number of people in the real estate market are looking to buy a condo rather than to purchase a home or to rent an apartment. But, why are condos so hot in the real estate world? Here are the top five reasons why so many are looking to buy condos rather than other forms of real estate.

Reason #1: Condos Do Not Require Upkeep

One of the biggest reasons that so many people are looking to buy a condo is the fact that they do not require the same type of upkeep as owning a house. For those that hate mowing the lawn, pulling weeds, repainting the house, or doing other chores associated with homeownership, it simply makes more sense to buy a condo. In addition, many people simply do not have the time to maintain a home because of their careers. Therefore, a condo provides a practical solution.

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Most colleges and universities provide (usually for a fee) single or multiple occupancy rooms for their students. These buildings consist of many such rooms, like an apartment building, and the number of rooms varies quite widely from just a few to hundreds. Many colleges and universities no longer recognize the word “dormitory” and staffs are now using the term residence hall or simply “hall” instead. This is promoted as better describing a living and the learning community that is part of the larger academic institution. When the word “dorm” was first adapted for universities and colleges, the atmosphere of the buildings served as places for students to sleep. Often students had a curfew to be in the building for “lights out” and a “dorm mother” was in charge of running the building.. Features of life such as cafeterias, academic centers, active and passive programming, resident assistants and hall coordinators have given a new experience to living on campus.

Reason #4: You Can Get More Space

Often, buying a condo is a good alternative for those looking for a large piece of real estate but that do not have the funds. If you want to buy a 3,000 square foot home, you may not have the funds for it. On the other hand, it might be within your budget to buy a condo that provides 3,000 square feet of space. In fact, there are some pretty good deals going on in the condo aspect of the real estate market right now that some savvy shoppers are happily taking advantage of.

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Second home buyers are decreasing and the market for that niche is slowing down. However, condo buying or renting went down just a tad bit.

A new National Association of Realtors study estimates that sales of vacation homes in 2007 fell 31 percent, to 740,000, from 2006. But sales of condos dipped only slightly—down 2.8 percent—while sales of detached homes dropped 38 percent.

The good news is that there was a 8 percent increase from 2006.

Why does a condo sell well? Lister below are the reasons:

• Low maintenance: people actually get paid to make your condo building look good and clean
• Public amenities: this include common pools and clubhouses
• Cheaper rate than a full blown house: easier to resell, too

So what are you waiting for? See your nearest Condo seller.

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