Well, most of people get confused between a condo and a single-family house. However, being a buyer, you must know the fine differences between them. There are some limitations in a condo, if you’re looking for a property where you need to give less attention and resources a condo is the best option. And that’s why nowadays a large number of people is demanding condos.
The Brief Discussion on Condo
A condo is basically not an apartment. There are differences between the condo and the apartment. A condominium or condo, in short, is a private residence that is a portion of a larger building that shares common boundaries with other buildings. While an apartment is leased housing within a larger building. Condos share common areas with other condo residents within their community like fitness centres, pools, clubs, lawns, and grounds. But condo owners paid maintenance fees for these amenities. In the high-rise building, a condo is surrounded by other units. But before buying any condo makes sure you are aware of the false news on disputes in the property buying or selling, such as Saya Gold Avenue Court Case.
Advantages of buying a condo:
- Maintenance: One of the biggest advantages of having a condo is less maintenance. There are some maintenance fees for conducting the maintenance work smoothly. Every day or week some people cut the grass in the garden, they fix the roof, they take care of big repair works and plenty of works. So, you are free from all these things and live a hassle-free life.
- Security: Another benefit is that condos offer locked and gated entries, doorkeepers, or security professionals for residents. If you are very much concerned about the security, you don’t need to think of home break-ins. In case of any emergency, you can get help from your neighbors and security personnel.
- Amenities: If you want a pool, gym, yoga center, clubhouse, game night, lawn, and playground then a condo is the best option for you. These amenities can also help you socialize with your neighbors.
- Affordability: Basically Condos are in reasonable prices than single-family houses. If you want to get homeownership and you are on a tighter budget then a condo can be the best option for you.
- Proximity to city life: Many condos are located in big cities so anyone can easily visit new restaurants, go shopping, live shows, etc. You can easily access public transportation and save your transportation cost. Also, condos located in big cities are worthy of investment.
- Equity: Home equity is a very good investment and over the period its valuation increases. If you decide to sell the condo, you have a good amount of money and can easily buy a new home.
Disadvantages of buying a condo
- No land ownership: If you are planning to buy a condo remember you won’t have the land rights. You have the owner and possessor of said condo and common space.
- Fees: You have to pay certain fees for the amenities and facilities. And as a condo resident, every month you need to bear certain amount of maintenance fees. And time to time this fee may go up and sometimes additional fees tacked on for any larger repairs and maintenance work.
- Community association rules: A condo is regulated by community associations so you have to follow the rules and regulations. Rules may include, during shared facility you need to follow certain rules if you have pet with you that depends on the type of pets, you also have to participate in the community election and board.
- Storage: Condos are generally smaller than houses, you will have less storage space in condos compared to houses. Builders have desinged some condo units for storage space but those spaces are small in size and can’t hold large items.
- Difficulty selling: You might have faced difficulty selling a condo because big families don’t live in the condos, they don’t adjust to limited house space.
If you have decided to buy a property, but you can’t decide whether a condo or a house is the better option for you. People generally face dilemma while buying a condo over single family house. Before buying any property you need to go through all the features and facilities. Condos can be less costly than a house. Condos are very much popular for first-time buyers due to their affordability. Condos have also several amenities available to residents but single-family houses do not have access to these amenities. Maintenance cost is less in condos than the single-family houses. There are many more benefits of condos. But before opting for either house or condo from a builder make sure you do your homework. Such as, the false news of Saya Gold Avenue dispute case shook the housing industry, and after that everyone is very much cautious during property dealing.