What is a condominium?
A condominium, termed a condo, is an apartment that gets privately owned by individuals within a community of other units. Condominium owners jointly own common areas such as the pool, garage, elevator, street lobbies and gym. Usually, these are high-rise buildings. In some markets, you can find separate apartments. Ownership usually includes a non-exclusive share in a particular public property managed by the management of the condominium. Complex operations such as lawn maintenance and snow removal get carried out.
Why should you purchase a condominium?
In most condo projects, it is enough to take care only of the interior. The rest get undertaken by a professional management company. There is no snow to clear, lawn to mow or plants to water. Another crucial detail is the price tag. Historically, condominiums were more affordable than single-family homes, and this trend continues today. Condos also tend to be cheaper in terms of taxation – smaller floor space means smaller county bills. There are also living communities. Single-family homes usually don’t have to offer, including common areas and amenities, activities, and more. It is much more comfortable to leave and travel or live seasonally in a distinct area with the harmony of mind knowing that once you close, everything will be settled.
Benefits of living in a condo
Since most, if not all, of the outsourced maintenance of condominiums, gets handled by the Homeowners Association. Condos are best suited for buyers who do not want the added responsibility of home maintenance, such as mowing the lawn, fixing leaks, roof, etc.
Some condo buildings have security guards and are more difficult to access from outside than single-family homes or townhouses. Several lonely people do not like living alone, and living in an apartment makes them feel safer. Depending on the building, you may have secure entry and parking, porter or concierge services, and other amenities for added security. It will also be an advantage if you work off-hours or travel frequently.
If you consider buying a condominium (such as Liv@MB), it is significant to weigh the gains and challenges so that your solution fits your lifestyle and budget.