Condos have recently been a Holy Grail sourcing interest among the populations from both millennial and baby boomers. Wondering what a condo is? In simple terms, it’s a magnificent place of residence in cooperated with individual multiple units. In the same line of thought, this type of real estate provides an individual or family with a sense of full ownership making it a hotbed worth your dime. Condominiums come with different specs in the sense that it could be a residential apartment building or a separate detached single home. In both cases, there are common areas of property the likes of laundry rooms, hallway, street and many others that are co-owned or shared. Here are some of the lucrative advantages that condo owners are entitled to.
Other factors kept constant, one of the most challenging aspects in choosing your preferred dwelling or home is, cost. Additionally, rented apartments/homes require you as a tenant to remit monthly payments as fee that cater for your stay in a particular building. On the other hand, monthly mortgage for a condo guarantees security for cash paid unlike monthly rental payments. Condominiums are a decent investment in that, after purchasing you can rent it out to generate income. Lastly, in some cases, monthly condo mortgage plus maintenance fee for home associations is less compared to monthly rent for an apartment or home.
Exemption from outdoor repairs
Unlike residential homes in which the tenants are solely responsible for making adjustments or repairs, condo owners do not have to deal with such activities. Instead, they are entitled to condo cleaning services that are provided by a management body at a handsome fee. As a result, this sort of luxurious treatment leaves condo owners to engage in other activities in their sphere of influence. It also averts possible conflict with other condo owners in terms of taking responsibilities. The management in charge takes full control of activities such as repairs of roofs, doors, pool cleaning and other external assignments.
Your space, your design, your choice! Condo owners enjoy unbelievable freedom that enables them to customize a space to fit their desired specifications and expectations. For instance families with limited amount of room can engineer ways that will enable them fulfill space expectations. However, rented apartments are strictly not allowed to make such improvements and failure to comply may lead to dire consequences such as absolute cancellation of security deposits. There are set regulations that oversee construction of condos and they vary from place to place depending on which part of the world you hail from.
Provision of amenities
Comfort and convenience are an expensive affair, but with condos, the qualities mentioned are readily provided. Apart from housing or shelter, condominiums offer various state of the art facilities that you would marvel to use to your benefit. They include gym, tennis courts, swimming pool, etc.
Condominiums are a growing trend characterized by the above well explained advantages. Before making a decision to purchase a condo, seek relevant advice from certified real estate agencies.