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Benefits of a condominium

A condominium accommodates all sorts of people

  • The first time buyers willing to get into the market
  • Investors moving up and down looking for properties
  • Baby boomers who want to downplay their responsibilities.

What makes condominiums is that apart from owning your own unit, you share ownership of land, building and surrounding areas. For a clear illustration on the same, have a look at the Rivercove Residences Showflat. Benefits of a condominium include:

Low maintenance cost

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People living in condos enjoy the advantages of mowing lawn, shovelling snow and cleaning exterior surroundings. The home owners association with the management is normally allocated the task on the owner’s behalf. Thus the owners are relieved of the responsibility of repair and maintenance.

Access to first class amenities at very low cost

Although there exist the association fees which are normally paid for the maintenance of building amenities, the amount is normally low that would you would spend in case you needed your own luxurious amenities like swimming pool, country club or a private gym. With condominiums, one is, therefore, able to access all the first class amenities but at a lower cost.

Easy transfer of ownership of condominium units

Majority of the condos are situated in key locations thus parents mostly find it convenient to live in a central region near the work place and school for their children. That is a practical way to transfer wealth.

Equity and tax advantages. Condominium ownership has two financial advantages over renting.

  • Ability to take advantage of tax reductions for mortgage interest
  • Opportunity to build equity

Freedom to renovate

Where as an apartment you are restricted from redesigning your space, with a condo however you can change everything because it is yours.

Cost

One beautiful thing about paying the mortgage is that you pay the mortgage to own to the condominium. However, in renting, you may be paying the same price but to rent rather than to own which is disadvantageous.

Security

Many condos tend to provide extra security by having locked front entrances, having door men and recruiting security professionals for residents.to those with security issues, condos are the best bet. In case of an emergency due to other peoples close proximity, you can urgently call for help.

It is easy to rent out condo units

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Many employees and students may prefer to rent a condo rather than stay far away from the metropolitan area. It is, therefore, a smart financial move for the condo owners who decide to rent out their properties at competitive rates and get good returns on investment. A condominium is therefore highly beneficial.

 

 

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Guide to buying a condo

A condo is the kind of property ownership in which a person owns a unit in a condo. The owners of the units in a particular multi-development, share undivided interest since all the residents have to share common things like the swimming pool, lobbies, hallways, and some community facilities. If you are planning to buy a condo unit, there are some factors you have to consider.

Buying a condo

Research on the location of the condo

To get the best condo unit in a particular development like the Zen King West Condos,ksldnvlksndvlknasdlkvklasndvlksadnvlksandvklnasldkvnsadvasdvs it is essential you first look into the geographical location of the development. It is a great idea to consider buying a condo unit in a condo which is near a town, schools, churches, commercial and business centers. A condo which is located near all these facilities gives you a great chance of renting out your condo unit. Most residents would love to live in a place where they can easily access the mentioned facilities.

Visit the condo

After you have researched on the location of the condo, visit the development and see if it meets your desires. Check if the area has good amenities and facilities for the residents. Even if you are not planning on renting it, it is good you stay in a place where there are great amenities and facilities. Most people prefer staying in a condo that consists of amenities such as children’s playing ground, kiddie pool, gym room, adults’ swimming pool and a function room.

Check for the security of the condo

It is recommended you buy a condo unit that has a twenty-four-hour security system for your safety or the safety of the individual who would love to rent your condo unit. Also, check if there are automated fire alarms which are meant to settle any fire outbreak. The condo should consist of well monitored CCTV cameras at common places and the parking area. Make sure that the condo has a security personnel at the gate. Check if the development has enough water and power supply

Power and water are the most important factors you should consider before purchasing a condo unit. No one would love to stay in a place with the shortage of water supply as well as power supply problems. Make sure the condo unit you want to buy gets enough water supply. For the power supply, ensure that the condo has power backups such as a generator.

Consider the payment method

kldnvslanvslkdvnlksandvlkasnldvnsalkdnvlkasndvsadSome of the owners of the condo s would prefer you pay the actual price at once; some will allow you to pay a deposit and pay the rest of the cash in installments. Choose a paying method that favors you. If you have the cash in hand, then it is good you pay for the condo unit at once since it is cheaper than paying in installments.

It is recommended not to buy a condo unit which you have no idea of where it is located or the kind of amenities and facilities it has for the residents. Choose to buy a condo unit which has a favorable payment method, has good amenities and facilities, has good security and located near great facilities.

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Selecting a condo

For most buyers, the dream of owning a detached house with a backyard and a garage has long been their real estate dream. However, the escalation in prices of the conventional single-family homes has seen the emergence of a new trend whereby individuals are going for condos in towns and cities across the United States.

Condo units usually give tenants and buyers the individual ownership of the personal apartments as well as communal ownership of all public spaces. And as such, renting or buying condo solely depends on with your personality and how you live your life.

Contrary to the widely perceived belief, renting or buying a condo also has its own share of benefits and drawbacks. However, the following post seeks to highlight the benefits in condos over single-family homes.

Benefits in selecting a condo

Affordability

A condo is more affordable than a single-family homes found in the same location. Condo owners enjoy a lesser overall cost inclusive of property taxes and monthly mortgage payments unlike their counterparts on the other hand.

Accessibility

22bbbbCondos are typically constructed in densely populated urban areas that are well served by road and rail network, malls and shopping centers, restaurants, among many other essential amenities. Land values in downtown areas are exorbitantly expensive for the construction of single-family houses making condos ideal for the same. Hence, living in condos will open doors to some events that you can conveniently commute to.

Convenience

For those with a tight schedule and budget, owning a condo will save you a considerable amount of time and resources as the ground maintenance is exclusively covered in the HOA yard maintenance cost. Similarly, these condos offer amenities that you would otherwise not afford for yourself in single-family houses. Needless to say, condo owners do not have clean pools and assess the hot tub chemicals as they have all been done for them.

Security

Condo complexes are usually fitted with state-of-the-art security equipment that very single-family homes can afford. These complexes are usually have gated entrance and 24-hour security surveillance. Also, due to the sheer nature of proximity to the neighbors, they can also serve as ears and eyes when someone is out of town.

Mortgage requirements

33hhhhLenders will always ensure condo buyers get complexes that are economically viable. They will go out of their way in ensuring the complex you are about to buy a sound financial sustainability. Most lenders evaluate the HOA reserve fund and the total units occupied by owners instead of tenants. Similarly, they will also examine if the HOA covers the insurance, and if these standards are not met, they will not lend for a condo there hence ensuring you get the best.

For more info check time and space condo.