The
information
you need
when
considering
a
condominium
purchase
If
you're
in the
market
for a
new
home, a
condominium
(condo
for
short)
could
well be
your
best
option.
They're
"often"
less
costly
to
purchase
than
houses
or
townhouses,
and they
can
offer
more
amenities
you
might
not
otherwise
be able
to
afford,
such as
off-street
parking,
a pool
or
garden.
However,
the
advantages
of
buying a
condo
are
often
offset
by a
number
of
drawbacks
and you
would
well be
advised
to
familiarize
yourself
with
these,
as well
as other
things
to look
out for
when
purchasing
a condo.
What is
a condo?
A condo
is a
building
consisting
of
multiple
apartments
that are
individually
owned.
Each
owner
contributes
to the
cost and
upkeep
of the
exterior
structure
and any
common
areas
and
amenities.
Condos
differ
from
townhouses,
which
are
usually
single-
or
multi-story
units
that are
linked
to each
other by
common
walls.
Unlike
with
townhouses,
condo
owners
do not
hold
title to
the land
on which
the
building
sits.
Advantages
of
condos
For the
home
buyer,
the
advantages
of
condos
are
many.
Condos
are
often
cheaper
than
townhouses
or
stand-alone
houses,
as the
utilization
of the
available
space
has been
maximized,
with
many
condos
built on
a piece
of land.
In some
built-up
neighborhoods,
condos
may be
the only
available
option
for home
buyers,
or the
most
practical
given
their
proximity
to
shopping
centers
and
work.
Condo
communities
may also
offer
amenities
that you
may not
otherwise
be able
to
afford
if
purchasing
a
townhouse
or
stand-alone
house,
such as
pools,
play
areas or
tennis
courts.
Condos
can
relieve
you of
the need
to
manage
the
building
maintenance
and any
amenities.
Also,
some
interior
issues,
such as
plumbing
and
electricity,
may be
managed
by the
complex's
community
association.
Socially,
condos
can be
great
for you
and your
family.
Your
proximity
to your
neighbors
and
shared
access
areas
means
greater
opportunities
for you
to meet
new
people.
Disadvantages
of
condos
There
are a
number
of
disadvantages
to condo
ownership.
You give
up some
privacy
in a
condo
community,
as you
are
living
in close
proximity
to your
neighbors
and the
shared
walls
and
building
access
mean
that
they
might
hear and
see
what's
going on
in your
home.
They may
be able
to hear
your
conversations
or the
music
that you
play,
and
watch
the
movements
of you
and your
family
to and
from
your
apartment.
If they
don't
like
what
they
hear
(such as
loud
music)
or the
type of
visitors
that you
have,
they
might
complain
to the
building's
association
or the
police.
On the
other
hand,
you may
find you
have
neighbors
who are
noisy,
unfriendly
or
worse.
Another
disadvantage
may be
the
condominium
community
association.
It can
be
politicized
and hold
you to
account
for any
perceived
infringement
of its
rules.
It can
also
impose
fees for
building
maintenance
(whereas
in
another
type of
home you
might be
able to
put off
any
expensive
renovations
or
maintenance
to a
time
when you
can
afford
them).
Something
else to
consider
is in a
declining
market
condos
can be
very
hard to
sell.
What to
look for
when
buying a
condo
When
buying a
condo,
make
sure you
don't
rush
into a
decision.
Take
your
time to
look at
the
condo
and the
building.
Do you
like its
size?
Does the
plumbing,
electricity
and gas
work? Is
the
building
properly
maintained
and are
the
amenities
to your
liking?
Is it
situated
in the
right
neighborhood
for you?
Also
take
your
time to
peruse
the
contract,
look at
the
condo
community
association
fees,
and at
the cost
of other
condos
in the
neighborhood.
Look at
the
minutes
of the
community
association
to see
if there
are any
outstanding
maintenance
issues
that are
likely
to be
expensive.
Obtain a
copy of
the
building's
certificate
of
insurance
and see
if
building
development
costs
will be
covered.
Check to
see that
the
other
condo
owners
seem
friendly
and are
likely
to be
people
that you
will get
along
with.
Also, be
wary if
there
are many
condos
for sale
in the
building.
This
could
mean
that
there is
a high
level of
dissatisfaction
with the
building
and the
living
conditions.
By Ben
Apple |
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