In the past, condominiums were not a favourite choice for the real estate investors as they were not preferred by people. With the changing times, many people are preferring condominiums over single family homes. Singles, retiring couples or families who are downsizing or very small families which prefer to live in an area with easy accessibility to schools and other places are inclining more and more towards acquiring a condominium.
With a long list of advantages that come with the condominiums, there are a number of disadvantages as well.
Condominiums are apartments in a building complex. The occupants of the apartment are owners for the space inside the apartment and all the other areas and amenities are shared by everyone living inside the complex. In the past condominiums only meant the apartments in a building complex; now, however realtors are construction houses that are condominiums but are in the shape of townhouses.
Disadvantages of condo living:
Monthly homeowner’s association fee: in addition to the mortgage payments, a home owner living in a condominium has to pay a monthly homeowner’s association fee. This fee is taken in order to maintain and repair the shared amenities and facilities of the complex. For some residents this is a regular cost which they might have had to incur provided they would be living in a single family house. But, for some, this is an additional overhead expense as it is taken as maintenance cost of the facilities like jogging track, gymnasium, tennis courts and swimming pool which they might never actually use.
Less privacy this might be a serious concern for some as many people do not like to compromise their privacy at any cost. Living in a condominium means sharing common places like lobby, elevators, lawn and other facilities. Also, it means there is a common wall between two apartments or houses and this is a clear signal about noise disturbances often. Another major concern is sharing of the parking lot. This means there is always a shortage of parking space for the guests.
While for some investing in condos might be a discouraging act, many people are storming towards condo style living as owing to the sky high prices for single family detached homes, condo is a breath of relief. It is advisable to get professional help in buying or investing in a condo to strike the right deal.…