If you are considering purchasing a condo, there are a number of factors you should keep in mind. While a condo can be a great investment, it is somewhat different from a traditional home purchase. There are a number of advantages when buying a condo, like the ones at 4 the Kingsway. Some things that you should consider are detailed here, which will help you figure out if the condo is the right type of residence for you.
You will not own the land
A condo is a type of building that consists of a number of different apartments that are owned by different people. Each of the owners of the units will contribute to the cost, as well as the upkeep, of common areas, the exterior structures and amenities. As a condo owner you will not own the land where your unit is actually located.
Condos provide convenience
For any homebuyer, the benefits offered by a condo are vast. Most condos are extremely practical due to their proximity to shopping centers and other attractions. Condo communities also offer a number of amenities that you would not be able to afford if you purchased a standalone house, such as tennis courts, play areas or pools.
Additionally, a condo can provide you with relief from having to manage the maintenance of the exterior of the building. There are some interior issues that will also be handled by the community’s association, such as electric and plumbing, instead of resting on your shoulders.
An on-site social network
A condo can also be an ideal location for singles, families or couples. The proximity to your neighbors, as well as the shared access that is offered, you will have more chances to meet new people. However, you have to keep in mind this may also mean that you will have less privacy. Your neighbors may be able to hear the various conversations you have, or your music, just due to the proximity of the units.
Consider the costs
In many cases, purchasing a condo will be less expensive that a standalone house or a town house, since the use of the space that is available has been fully maximized. However, if the unit has high association fees or a difficult to deal with association, you may find it more difficult to sell the unit down the road. This is why it is important to find out everything you can about the condo prior to making a purchase.
Getting all of the information about the condo you are thinking about buying beforehand is the best way to avoid having buyer’s remorse.
Article Submitted By Community Writer