The Perks Of Choosing To Live In A Condominium
Becoming a homeowner is a dream many people share. By reaching this achievement you can enjoy a feeling of fulfillment that's very hard to equal. Being a homeowner is a sign of stability, so there's no wonder so many people have this goal in their life. Nonetheless, purchasing a home is more difficult and more complex than renting one. You need to consider very carefully what kind of life you'd like to have, as living in a detached house isn't the same as living in a condominium. This article is going to show you a few advantages of living in a condominium.
Superior safety. A house on a lot is as safe as you are willing to make it. On the contrary, condominiums offer superior safety features right off the bat. Even if there aren't CCTV cameras inside your unit, such buildings have security personnel and video monitoring, thus enabling a good level of security. Some of these buildings may feature state of the art security systems that can keep even the smartest intruders away. In addition, you may be able to instruct the security guards to allow only certain people to come and visit you.
Lower price. As condominium units don't require land ownership, your purchasing costs are going to be lower than in case of a detached house or villa. In addition, such condominiums are usually very close to bus or subway stations, so you may not even need a car to commute to and from work. This can save you a lot of money in the long run.
High market value. If you pick a good location, you might be able to enjoy a higher resale value later on, especially if the area is in full development stage. The more amenities are going to appear around your building, the more expensive your condo is going to be. Besides, you should be able to get a higher mortgage value, should you need a loan at some point in life.
Communal facilities. When living in a condominium, you get free access to various facilities and amenities such as swimming pool, gym and spa centers, without having to pay a membership fee. Nonetheless, you have to know that you are going to pay HOA fees. These Home Owners' Association fees are used for the maintenance and for the upgrades of such shared facilities, as well as for the security of the building. However, if you were to enjoy all these perks in a house, the costs would have been much higher.
Accessibility. Living inside the city offers you easy access to everything you need. You can enjoy shorter commutes to your office and to other business venues. You don't have to worry about the rush hour like all those people who need to reach their houses in the suburbs. Besides, if nightlife is your cup of tea, you are going to be very happy to have such easy access to all your favorite clubs and night entertainment venues. You won't need to avoid alcohol anymore, as you won't have to drive back home when the party is over. You'll have the comfort of a modern life, while saving some money along the way, as well.
How to Get Information about a Condo You are Considering Buying
Condos are everywhere, and, for good reason. Many years ago, homebuyers wanting to live in a specific location, typically one in high-demand, only had expensive options. Most were single property residences, offering great location, but, at a steep cost. Condominium communities changed that, offering highly desired locations, but, spreading the cost out over many owners.
Because of the number of units, homebuyers now have access to affordable living in locations that are on or near the beach. However, it’s important to understand that condos are quite different from single family homes. Firstly, the term condominium isn’t a description of the property, but rather, a legal term for a type of ownership. Single family homes are typically “fee simple,” but, condos differ because owners are buying a percentage of the community.
If you’re considering a condo purchase, you should know as much as possible before you commit. Of course, that means having to get information on the community, which you can do through the following sources:
● The homeowner’s association. Contact the HOA directly, or, the property management company. Request a copy of the association Declaration of Covenants, Conditions, and Restrictions (CC&Rs), and, the bylaws. These two documents will state what is and what isn’t permitted in the community, and, how the board operates. You’ll learn quite a bit about the community through these documents, including owner rules, access to amenities, and more.
● Local court records. Search the local clerk of court’s office online database for any lawsuits involving the community and/or residents (you can find owner names by searching property tax records). You’re looking for any civil actions filed against the HOA, or, property management company filed by residents.
● Local property tax records. Search this database to learn about property tax rates, and, what you can expect to save under homestead exemption. You’ll also learn the age of the community from this source.
● Residents currently living in the community. One of the most helpful sources of information will be current unit owners. Speak with as many as you are able to learn what they most like and dislike, about the community.
● Your real estate professional. Of course, your buyer’s representative will likely know about the community. Be sure to ask for a comparative market analysis to learn the true market value of the unit you’re interested in buying. You’ll also want to know about the listing’s history and any price changes, along with it’s days on the market.
In addition, you can contact the HOA to learn the number of vacant units. This is important because the higher the percentage, the less likely lenders are to approve financing.
Why it Makes Financial Sense to Embrace Condo Living
As you get ready to purchase a property, there are a number of issues to consider. Naturally, you must establish a budget and figure out where you want to live. Condo life is attractive to many people because these buildings are often located in the heart of the city, near restaurants and entertainment options.
Does the beauty of the river appeal to you? You can often find condos priced fairly near these bodies of water. Are you confused about exactly what a condominium is? Well, it is important not to think of it as a property type, because it is not. Instead, it is a term that defines the type of ownership you are committing to when you purchase one of these units.
Condos actually haven't been around that long - less than fifty years. They make it more affordable to live in high cost areas. For instance, if you have your heart set on living near the beach, a condo is a much more affordable choice than a single family house.
The Price is Right
Certainly, the price of condo living is attractive. However, it is not just the price that makes condominiums such a great deal. It is also what you get for that price. There are often a number of amenities included when you commit to living in a condo. While it is true that there are also association fees, those fees also mean that you do not have to worry as much about maintenance and repairs on your home. It is like setting up a savings account. Any property will eventually have its issues, and the association fee you pay each month will come in handy when the condo needs something done.
In addition, you may be able to rent out your condo, which allows you to purchase in one area, stay there seasonally, and then return home to another area when the weather changes. Not convinced yet? There are still more reasons why the condo life might be the life for you.
Condos have a number of advantages over single family properties. For instance, the amenities included are often very attractive to buyers. For instance, your building may have access to a swimming pool and fitness room. Landscaping is often included and there could even be a spa. To enjoy these types of services when living in a single family home, you would have to pay a lot of money.
In addition, you often do not have to pay for certain utilities. The ones most often included are cable, water, and trash. Internet service is also provided in some instances. This makes it easier to establish a monthly budget. Furthermore, you do not have to worry about maintaining an exterior property. You only need to deal with what is inside the walls of your unit. Everything else is handled by the condominium.
Finally, you can change up your own unit as you see fit. So, if you want to renovate the kitchen, you can do so whenever you would like. There usually is no difference in your ability to alter your condo and your ability to alter a single family home. Also, remember that there is usually security provided on site at condominiums. That feeling of safety is priceless to many residents.