Purchasing a new residence involves many issues and condos may be on your radar. But before you make any bid decisions, you should be aware that there are disadvantages when you own a condominium.
Condominiums are a collection of units in a structure. You will own all the property of the unit with just a few limitations. But all the things outside the unit are considered to be in the common areas, so they are subject to administration by the homeowner's association. This can be a cause for problems.
The Parking. The parking is one of the greatest headaches in condominiums. This can sound superficial, but it can become a big issue depending on the situation. You may be expecting condominiums to have assigned parking areas. But this isn't so most of the time. Instead, parking is on a first come, first serve basis. And over time, this can be very frustrating. With guests in the neighbourhood, you may eventually find it difficult to getting parking!
Rules And More Rules. Condominiums are very particular about uniformity. If you prefer to express your individuality, the rules of a condominium may drive you insane. Because people would be living close to each, the rules are there to keep the peace. But what happens is that there are too many rules, and these would make people feel like they're in prison. You might not be allowed to have pets, make noise during certain times of the day, rent your unit to others, have certain types of materials, and so on. So before you decide to buy a condominium unit, read all the rules and regulations of the association.
The Association Fees. Money would be needed for the gardening, maintenance, etc. All the unit owners have to pay the monthly fees. You must make sure to understand the current fees. It's also good to know how much the fee has risen over time. Paying an extra hundred bucks or so a month probably will not kill you, but what if the monthly fee is five hundred dollars?
It's never a simple decision to buy a condominium unit. The advantages might be on the surface, and you'll find the disadvantages in the details. Make sure you understand what you are getting into before taking the plunge.
Condominiums are a collection of units in a structure. You will own all the property of the unit with just a few limitations. But all the things outside the unit are considered to be in the common areas, so they are subject to administration by the homeowner's association. This can be a cause for problems.
The Parking. The parking is one of the greatest headaches in condominiums. This can sound superficial, but it can become a big issue depending on the situation. You may be expecting condominiums to have assigned parking areas. But this isn't so most of the time. Instead, parking is on a first come, first serve basis. And over time, this can be very frustrating. With guests in the neighbourhood, you may eventually find it difficult to getting parking!
Rules And More Rules. Condominiums are very particular about uniformity. If you prefer to express your individuality, the rules of a condominium may drive you insane. Because people would be living close to each, the rules are there to keep the peace. But what happens is that there are too many rules, and these would make people feel like they're in prison. You might not be allowed to have pets, make noise during certain times of the day, rent your unit to others, have certain types of materials, and so on. So before you decide to buy a condominium unit, read all the rules and regulations of the association.
The Association Fees. Money would be needed for the gardening, maintenance, etc. All the unit owners have to pay the monthly fees. You must make sure to understand the current fees. It's also good to know how much the fee has risen over time. Paying an extra hundred bucks or so a month probably will not kill you, but what if the monthly fee is five hundred dollars?
It's never a simple decision to buy a condominium unit. The advantages might be on the surface, and you'll find the disadvantages in the details. Make sure you understand what you are getting into before taking the plunge.
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