Investing in a condo or buying a condominium is not the same as buying the single-family residential property. You need to consider various aspects or pros and cons of the condominium before buying a condo though it is attractive because it is cheaper than the single-family residential property of detached houses in real estate investment. The condominium is a shared property with individual owners of each unit and common ownership of common places such as roof, lobby, hallways, driveway, elevators, pools, landscaping, fitness centre, tennis courts etc. If you are a first-time buyer of a condominium or is confused whether to invest in a condominium or single-family residential property, get in touch with the professionals in Louis 14 and avail all the required assistance to buy a condominium.
Many people buy a condo due to its least maintenance and in order to live a community life-style in a condominium. Remember, the community lifestyle in all the condominiums are not the same. Every condominium with their HOA has their own community rules along with their own fee structures, and different types of amenities. Therefore, you need to research and study different condominiums and their amenities, rules, management structures, and especially the restrictions before you buy a condo.
One of the major difference between a single-family residential property and a condominium is the proximity to your neighbourhood. In a condominium, you may have multiple units of neighbours attached to your condo in comparison to your free-standing single-family residential property.
Another factor for you to consider before buying a condo is maintenance. The maintenance in a condo is neither done by the unit holders nor the cost of maintenance of the condominium is spent by individual owners as per their wish. The overall maintenance cost is normally included in the association fee and the office bearers take the responsibilities of maintenance of the common property. If you are a lover of physical or manual labour and like to plant your own flowers or enjoy cutting the grass yourself, then you may not get those opportunities in a condominium.
The selling processes and procedures of condominiums are different than the selling processes and procedures of single-family or multi-family residential properties or detached houses or even vacant lands. Similarly, the purchase contract of residential properties or lands is different than the covenant or the condominium agreement deeds. In order to buy a condo, you need to necessarily take the help of a real estate broker or an agent who has experience in buying the condos.