There are 2 major good reasons why you want to buy a house – you want to practice independence and you want privacy. And once you own a property, you expect that you have all the privileges to anything you want to do with it as it turns out to be your “territory”. Well, you could be right if you choose a normal separate property owners but with a condominium, you may want to think twice, and understand this article before entering into a cozy condominium.
Certainly, purchasing a single-detached home is much better than owning a condo unit. Tenancy or possession of land by title makes single-family detached houses more valuable. Okay let’s face the fact that while single-detached property owners enjoy the peace and serenity of their surrounding, and in some cases condo owners will likely need to share noises with their neighbors. However, if you’re someone who can afford to pay high-priced extra charges to maintain your unit and you seem to enjoy the conveniences of living a cozy life with all the sophisticated ambiance and facilities that a condo living provides, then maybe it is the best to match your lifestyle.
Then again you must know the downturns that a condo can give you too:
* Possessing a condominium means you can only share the land beneath the building.
* You own the space between the walls of your unit but share the same wall and ownership with other owners.
* Shared walls may mean you’ll be sharing noises too
* Sharing ownership means sharing obligations. As part of the homeowner’s association you have to participate whenever there are discussions about the common areas as your opinion is much important too.
* You are required to pay fees each month for maintenance and repair of common areas; Extra charges for larger repair jobs; and may be even ask to pay for amenities like swimming pool, that you may not use.
* Condos are governed by a set of rules called Covenants, Conditions and Restrictions (CC&Rs). This can include limitations on noise levels, pet ownership, renovations, and even what kind of curtains you can put in your windows.
* Renovations to your unit or rent your unit out may requires an approval from the condo association.
* Should you want to sell your house later on, please keep in mind that condominiums are certainly more susceptible to trends in the housing market than single-detached homes. What’s worse is when the market takes a downturn, condos are usually the first to suffer and the last to recover.
There’s nothing wrong with purchasing any kind of home between conventional properties and condominiums. What matters is your financial capacity to maintain your standard of living and how you want to improve it. In the end it is you who will have to decide for your very own pleasure and satisfaction. The choice is still yours to make.
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