If you are thinking of buying a home or vacation property, and condomino is within your options, you should consider all the pros and cons that involve owning a condominium.
Among its attractions is the flexibility to meet the demand of any owner as there are in different styles, locations, and prices.
It is a property divided into individual units or apartments that are then offered for sale. Therefore, this implies that there are common areas to share with other owners.
In other words, when buying a condo you are buying an apartment. Common areas that are going to share the lobby, outside the building, corridors, lift, as well as the ground on which the building stands.
Other amendidades as pool and gym also fall under what is common property. A house with these amenities will be more expensive.
Among the advantages are the following condominium
• Price: Usually leaves cheaper to buy a condo to buy a house.
• Maintenance: A house requires care and maintenance such as mowing, snow removal, repairs, etc. In a condominium you do not have to worry about these things because management of the Association of owners is responsible for all maintenance as outside the building, sidewalk, and other common areas. You only have to comply with the payment of the tax rate for maintenance.
• Location: The condominiums are very popular in metropolitan areas where the average price is lower than that of a house. Therefore, this is a practical option for those buyers who want the convenience of a more urban life style.
• Investment: Unlike a cooperative, condominiums usually be leased, so do not necessarily have to occupy. That means that you can buy as an investment if you are interested in generating a revenue stream by leasing it.
Also if you buy it as a vacation home, you can lease it during the months that do not use.
There is much flexibility banks to finance condos that can be
• established Projects: Where the construction is finished and the condo is under the control of the homeowners association.
• New construction: Those in which the promoter is selling fighting units but still controls the association.
• Conversions: Those buildings that have been converted into condominium, as originally designed for another purpose as offices or apartments for rent. These condos are converted for purposes of residential property.
• Resort: These communities are located in tourist or vacation destinations, and are generally used as a second home or property.
Among the factors you should consider before buying a condo are
• Aliquots or monthly charges: These provide the funds necessary to secure and maintain common areas. The cost varies by size, location, and other factors.
• Insurance coverage: You have to differentiate the building insurance (master insurance policy) with home insurance. The first is acquired by the homeowners association, and the second would be under your responsibility and this covers the inside of your unit for repair or replacement of accessories, and personal property.
• Resale Restrictions: Determine any limitations to resell your unit.
• Regulations: These are produced by the homeowners association, and in them your responsibilities and obligations as a condominium owner listed, as well as what you should and should not do to keep the appearance of the building. For example, the rules may prohibit satellite dishes or require that the parking is assigned, prohibit or allow pets, etc.
If you’re buying for the first time, a condo offers many advantages especially if the price greatly influences your final decision.