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Whether you’re looking for a low-maintenance home, a downtown pad or a vacation getaway, condominiums, or condos, offer many attractive features. They’re typically a more budget-friendly way to access homeownership, especially if you’re in a high-priced city.
Condos can also be fairly sound long-term investments for people who want a holiday escape for a week or two and then rent it out the rest of the year.
In recent years, condos have gained popularity, likely due to the shortage of affordable housing supply and the feverish demand for real estate. In March, existing condo and co-op sales shot up by 29.1% from the same time last year, according to the National Association of Realtors (NAR). There were 710,000 condo sales this…