Is Buying a Condo a Good Purchase?
Given the fact that property is a huge investment, those looking to buy generally have a lot of questions, and if you are considering investing in a condo, there are a host of things you need to consider. A condominium is a property that is generally owned by more than one person, and it consists of a number of units that resemble townhouses or apartments. Each unit is owned by a separate condo owner, and while every individual owner owns everything within their own unit, there are some facilities that are shared by everyone in the condo, such as elevators, swimming pools, lounges, etc.
Perhaps one of the biggest perks of a condo is that individual owners are not responsible for handling or any maintenance or repairs on the exterior of the condo. In most cases, there is a management association which takes care of these issues, and ensures that the grounds of the condo are maintained and kept in good condition – anything from getting the grass trimmed to making sure the snow is shovelled is their responsibility. However, problems inside individuals units, like broken appliances, are the responsibility of the respective owner of the unit.
However, while this in undoubtedly a plus point, owning a condo can have its drawbacks too. Condo owners may not have to take care of external repairs and maintenance, but they do have to pay for them. In this regard, every owner of each individual unit needs to pay a fee to the management association, to cover the costs of repairs and overall maintenance. In addition, special assessment fees are also charged, when work needs to be done on the condo as a whole – e.g. if the entire condo needs roof work.
The perks that come with condominiums are often considered a major plus point, which drive several people to purchase condos. With condos, you can use several facilities which you would not be able to afford if you lived on your own – e.g. swimming pools, tennis courts, recreational centres, and the like. However, keep in mind that since you will be sharing with everyone else in the condo, you might not have the level of privacy you’d like.
If you find yourself drawn to the possibility of purchasing a condo, consider the fact that they can be less expensive as compared to single-family homes – however, this depends on the condo (e.g. if it is a luxury condo, then it will obviously cost more). When you buy, you should also make sure you can re-sell the condo later, if need arises. In addition, it is also important to consider the location and surroundings of the condo – make sure it is located in an urban area, with plenty of amenities nearby, and links to highways and public transportation.
