A condominium clearly offers a huge advantage: it is paid off at some point and then no more rent has to be paid. Furthermore, the owner can renovate his condominium the way he wants and does not have to ask his landlord about every little thing. The same situation exists if the orchard condo has a garden. In this case, the owner can also do what he wants.
In addition, the ancillary costs for a condominium could be lower, as many landlords nowadays charge a flat rate and do not create an ancillary cost statement. The result of this type of settlement: the tenant pays excessively high prepayments and the landlord keeps the difference.
It is undisputed that condominiums are ideal for renting out, as a capital investment and thus also for your own retirement provision. If the financial framework conditions are in place, it is a good investment to buy a condominium and rent it out for years until you register your own claim to it in old age.
Those who have paid off their condominium only have to pay for the operating costs. Especially in old age, the exemption from a regular net rent for a rented apartment acts like a supplementary pension. Another advantage of the condominium is the fact that home ownership is inheritable. It’s great for your own children or grandchildren if they one day inherit a debt-free condominium and thus maybe give up their rented apartment.
A condominium can also be used as a capital investment. This capital investment could even be profitable under certain circumstances if the apartment can be rented out with a higher rent than the repayment installments. When you reach retirement age, you can either use this apartment yourself or sell it for a profit.