The Benefits and Drawbacks of Owning a Condo
When we decide to buy a property, we have to be realistic about its benefits and drawbacks. It can lead us to make the wisest decision and to avoid regretting it later. In this occasion, we are going to discuss condo ownership. This type of residence has reached more and more popularity, especially among the retirees, newlywed couples, and businesspeople. Some people also consider condo units as the best for property investment.
The Premium Facility
The first thing that might explain why people today seek condo units more than apartments is the premium facility we can have from living in a condo. A swimming pool, gym, jogging track, and spacious parking lot are several examples of condo’s facility. Some apartments might have the same facilities, but the difference is the ownership status. The facilities of a condo belong to all of the unit owners.
What the ownership means is that if you own a condo, you have a voice to decide whether there are changes needed in the facilities. The one who is in charge of the facilities is the Condo Manager, who is elected by the owners annually or as agreed. And most of the time, it is the majority’s voice that counts, so even if you want to improve the gym, for example, you have to wait or convince the other owners to think as you do.
The Ideal Location
Condos are mostly built in either a strategic place or a place with outstanding scenery. As an example, the universal city condos are surrounded by both recreational and business sites.
It is close to the big city Toronto, which makes the units ideal for businesspeople in Canada. It is also close shopping malls, movie theaters, and prestigious eateries. Condos such as this one embraces a modern balance lifestyle.
The selected location of condo units makes owning it more profitable than the other residential buildings. The price of the units is mostly rising, which can make them a good investment than houses.
Regular houses are prone to fluctuating price. Any changes to the surrounding environment can affect the value.
The Strict Rules of Decoration
Condos are very stable in the market, but it comes at a price. All the owners are imposed on strict rules of decorating their places. The Condo Manager sets those rules, with the consideration of keeping the price of all units stays the same. You have to sacrifice your individuality to achieve it.
And if you think the rules only apply to the exterior parts of the unit, you are wrong. Some condos even forbid their residents to change the default furniture and appliances, especially the one in the kitchen and bathroom. Installing a kitchen isle, changing the faucets, or adding a bathtub to the bathroom when there is none, all will be very difficult to do.
Living as a Member of a Community
And as what you might have inferred, living in a condo gives you the strong sense of being a member of a community. It will be hard for you if what you seek is solitude. You have to join the owners meeting. People will know your routines. And you have to share the facilities with other owners. You must be a social person to enjoy living in a condo unit.
But at the same time, the same condition can give you many benefits. It will be easier for you to establish new business connections. Having a small talk at the gym can be a start. If people can get to know you, you can get to know them, which is a chance we rarely get from living in a regular house.
