What You Need to Know About Condominiums

Luxury and grandeur That is what living in condominiums is all about. Given the expensive cost of owning a condominium unit, you might as well say that it is ideal for individuals who have a lavish lifestyle and earns a good salary.A condominium is a complex structure composed of individual units, which are often referred to as ‘condo units’. Unlike apartment-type complexes wherein individual units are for rent, condominiums are leased for sale. These units may be renovated apartments and townhouses or even warehouses previously used for commercial purposes.Individuals or families who have purchased units in a condominium own everything from the walls of their units inwards. Individual condominium unit owners share rights to common areas inside the premises like elevators, swimming pools, hallways, and clubhouses. The maintenance of these common areas becomes the obligation of the condominium association, which is composed of individual owners. Every owner have their share of interest in the association, adhering them to make monthly due payments or so-called ‘special assessment fees’ for huge maintenance problems.Condominiums provide an alternative lifestyle for many individuals especially those who want to be independent and have their own place that they can call home. Contrary to popular belief, there are condominiums that are affordable. They cost less than paying for conventional home purchases. It is quite cheaper compared to building your own home from ground up. This kind of living quarters is ideal for young professionals as well as small families. In addition, it provides essential amenities such as round-the-clock security and low maintenance (since you own a small portion of the whole condominium).However, there are certain disadvantages of living in a condominium. There is a lack of privacy in common areas where every homeowner has their respective shares of interest. Condominium arrangements are not the best options for individuals who prefer owning all the amenities and want to maintain their own lawn and garden. In this case, they must pursue single home ownership. Moreover, it is also difficult to sell a condominium unit compared to a conventional home. Remember that you only own the unit and not the ground beneath it.Despite of the aforementioned disadvantages, there are still individuals who prefer living on condominiums. They do not mind having close neighbors at all and they do not want to be bothered by the responsibility of the lawn or other external maintenance matters. And since the total price of purchasing a condominium unit is relatively lower than an equivalent single-unit home, there are many individuals who are tempted to take this cost-efficient advantage.Apart from the overall price and amenities available when you decide to live in a condominium, you must be aware of the reality that your stint in your unit may be affected by the condominium association’s decisions. Such decisions may be made in regular meetings that can cost an individual unit owner more money, and is virtually impossible to avoid being affected by at least a single decision. It is encouraged that you actively participate in the association’s meetings and forums. Living in a condominium is financially advantageous than apartment rentals, yet it will require your active participation in community-related events.Luxury and grandeur? That was living in a condominium before. Today, you have the financial advantage of owning a place you can call home. Just a reminder: be active in the association and cooperate with your co-owners. That will start your wonderful experience living in a condominium.