A condominium is comparable to an apartment using the real difference being that the tenants own their units. There's usually a condo association of some type that is in charge of the common areas such as walkways, roofs, and exterior structures and landscaping. The people in the association tend to be other owners from the inside the complex. The costs of taking care of such things are covered by all of the individual owners from association dues and assessments.
The biggest pro of just living in such a dwelling is in not having the responsibility of taking care of things like lawn care as well as other forms of maintenance which can be an inherent part of home ownership. A Irwell Hill Residences Showflat is truly a carefree life and frequently has expensive amenities you can't inexpensively get in a single family dwelling, for example swimming pools, gyms and clubhouses.
There are several cons to surviving in condominiums. All condos have rules about how you may behave. Some do not allow pets, exterior decorations and old junk cars. Another condo Is definitely an apartment, and as such you must be mindful of any behavior from you that may disturb your friends.
If you are looking to buy a condo for investment purposes, there are also a few advantages and disadvantages you should be aware of in advance. This article will tell you about some of them so that you can make an informed decision about rather condo investing fits your needs.
1) Resell Value
One of the biggest pros to running a condominium is the resell value. Condos are incredibly popular and a home within the right area brings a premium either in resale values or rental rates.
2) Lower Price
Even if the condo is in an area with very high property values it'll be much less expensive to purchase a typical single family house. This is due in part to the shared expenses of property maintenance. However, like a rental unit an apartment will bring in the same or not far from the same amount in rent as houses will.
The restrictions on pets as well as other things that are inherent to a condo and strictly enforced help to maintain the property worth of the home. Gone will be the junk cars, separated washing machines, or overgrown yards to worry about when it is time for you to resell the machine.
4) Cost sharing
This is both an expert and a con, sharing the cost of any major repairs can be a good thing. If you find a good deal for a condo that requires a few major repairs sharing the price with others helps a whole lot.
Most condominiums offer excellent amenities you cannot find in an individual family dwelling. Things such as fully equipped gyms, private pools, golf courses, and tennis courts you don't need to perform maintenance on are great perks when it comes to renting or reselling the house.
6) Maintenance Man
logged pipes, blown fuses as well as other such things can be quite a nightmare to get a landlord to manage, but with a condominium a maintenance man is usually included and covered beneath your condo association.
Having a condo the landscaping and yard work are looked after for you. No need to lug out a heavy mower or trim bushes and branches to your tenants. The fees because of this service is included in your condo association dues and therefore are much less then you would pay if you had to hire someone to make it happen for you.
A clear house could be a target for vandals and theft, not so with a condo. Most condos involve some form of home alarm system in place, key codes on doors, guards on driveways or perhaps guards that walk around regularly. With a condo you never have to worry often there is someone around to help keep an eye on things. That can even be said for emergencies inside the home, like fire or perhaps a broken pipe. With a condo someone will most likely notice a problem and takes steps to control it.
9) Second home with an income!
A typical condo that's fully furnished can rent for between $2000 and $5000.00 each week in the right areas. You are able to rent your condo out if you are not making use of it and still have a good place to carry on vacation.
10) Help finding renters
Most condos can assist you find qualified renters to your unit. They do all the work you make the money. A win, win situation.
Owning a condo is not all sunshine and rainbows, however. While there are many wonderful reasons to invest in a condo there are also some that are not so wonderful. Consider both the pros as well as the cons carefully before investing.