A Guide to Buying Condominiums
Understanding condominium ownership can be best illustrated by seeing an apartment you have. Many condominiums are apartments that have been converted into condominiums in recent years. Their property extends into their interior walls, floors, and ceilings. Along with the other owners, you become a partner in the complex’s field structure (the foundations, exterior walls, and roof) as well as all common areas or services (e.g. swimming pools, Clubhouses tracks tennis, play areas etc.). Visit new EC launch 2023 2024 before reading this.
Condominium ownership requires that you pay a monthly condominium fee. This covers the maintenance of common areas, repairs, and general maintenance. It also helps to build a reserve of cash for future needs. The condominium association is responsible for exterior maintenance and repairs. However, they may charge you for them through their association fees, or a special assessment (once all owners have rated it). The association also takes care of the day-to-day maintenance (e.g., mowing the lawn, snow removal and pool maintenance). Each owner is responsible to take care of interior maintenance and repairs (e.g., replacing a dishwasher).
In certain areas, condominiums may be the only option that suits your budget. It is easy to see why. It is generally cheaper to build a condo than a single-family or village home.
The exterior maintenance and repairs are not your responsibility.
Many condominium communities offer amenities like swimming pools, tennis courts and playgrounds. Many condominium communities offer amenities that are not possible to otherwise afford.
Condos are located in convenient areas for shopping and employment.
Condos are more affordable than other forms housing.