Eighty Seven Park Second Home: Condo or Single Family?

The decision whether to purchase single family unit or an Eighty Seven Park condo for a second home is largely dependent on a number of decision-making criteria.

Condos are a good investment

Considering that you are looking for a second home, the question might be, do you want to purchase a condo at Eighty Seven Park because you’re looking for an investment opportunity and you want to resell the condo after it has appreciated in value or maybe you are looking to downsize from your current home.

Purchasing a condo at Eighty Seven Park is a good investment opportunity because condos are more affordable to purchase than single-family units. Single-family units tend to have a higher purchase price because you have to factor in the cost of the real estate on which the unit sits.

A condo, on the other hand, is a single unit among many other units that are housed in one complex that sits on a single parcel of land. So the cost of land is distributed amongst the many individual units. 

So with an initial lower purchase price you get a higher markup when you resell a condo in the future than you would only if you were to sell a single family unit of the same square footage.

Condos are a great retirement option

If you’re an empty nester and all the kids have moved out then you definitely don’t need the extra capacity in your house. So as part of your retirement plan you can sell your higher value single-family unit and use part of the proceeds to purchase a condominium at Eighty Seven Park which has just the right amount of space that you need.

So you will be trading in your older single family unit and purchasing a completely brand new unit at Eighty Seven Park. With these new units you will live in them for a long duration before you need to carry out any maintenance because the entire infrastructure is new.

Condos at Eighty Seven Park come with a lot of amenities

Purchasing a condo at Eighty Seven Park comes with a lot of perks and amenities that the owner of a single-family unit will definitely not have access to, or if they do it will be at a tremendously high cost. These amenities are available as communal property for the benefit of all residents at Eighty Seven Park.

Residents will have access to outdoor amenities such as a private garden with very aesthetically pleasing flora and fauna. Also available is the Fogo bar which residents can easily integrate in their daily routine and grab the wide variety of juices and organic snacks.

Residences also have access to two oceanfront swimming pools and poolside Cabanas.

It is more of a rarity than the norm for a single family unit homeowner to have a state-of-the-art fully stocked fitness Centre. Normally this is the preserve of the very wealthy, but if you purchase a condo at Eighty Seven Park you will have access to premium fitness facilities that are prohibitively expensive for an individual to own.

World class construction

Because of economies of scale, developers of multi-unit complexes like Eighty Seven Park can afford to engage the services of internationally renowned architects and designers in their projects. So these developers can afford to fit high quality appliances from wolf and Sub-Zero because they’re operating at a much larger scale than if an individual were to try to do the same for a single family unit.

Developers of large complexes have a stronger negotiating platform on which they can negotiate for high quality appliances and custom-made interior decor accessories. An individual constructing a single family unit would not enjoy the discounts because they are operating at a much lower economy of scale and would therefore be very expensive for them.

The Homeowner’s Association (HOA)

The HOA serves to manage communal areas and common utilities for the residents. So they will manage and maintain the amenities and pay for utilities as agreed on in the HOA agreement. This is a great option for people who either do not have the time or the energy to carry out the maintenance chores of single-family units.

Purchasing a condo at Eighty Seven Park has the advantages in that maintenance duties are delegated to a third-party and residents don’t have to worry about it. So depending on your budget for property maintenance and whether the amenities provided at Eighty Seven Park fit with your lifestyle, paying your HOA dues may not be such a bad thing considering you’re getting world-class facilities.

Meta description Purchase a condo at Eighty Seven Park and take the first step to luxury living.

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