Condo Living: The Benefits of Ownership

Condominiums and Co-ops are forms of shared interest ownership in real estate which means that you and others have some type of ownership interest in a particular piece of land. 

Owning a condo or co-op can be a good alternative to buying a single-family home because of its low maintenance. However, it also has a downside such as restricting or limiting your ability to make structural changes to your living space.

Here are several factors you need to consider before purchasing a condo unit:

• Location - When buying real estate, condos included, a major factor that should always be on top of the list is location. It greatly affects the potential of price appreciation. The location also determines accessibility to needed comforts and services. If you value convenience, get a condo unit that has easy access to restaurants, schools, banks, or hospitals. 

• Parking - More commonly, the condominium parking spaces are either limited common elements or common elements and they are owned by the association. A common element may be used by any of the unit owners. A limited common element is for the use of specific owners. If you are unsure about the status of your condominium parking space, it is something that you may want to have clarified before a problem arises.
• Noise - In a condo, you share everything with other residents — elevators, swimming pool, playground, garden, etc. That includes the noise as well.

• Amenities and Population Density - A condo may be expensive because of the amenities it offers. Basic amenities include swimming pool, exercise rooms, children’s playground, function room, and the like. Assess whether the price you are paying equal the value of the amenities to you. Population density refers to the number of people per unit area of space available. In a condo, this translates to the number of residents sharing the amenities. Of course, the more residents a condo has, the less space is available to you. In short, the more people living in a condo, the more inconvenient it gets because you’ll have to share the amenities with more people.

• Association Dues - Living in a condo means paying an additional expense every month: the association dues. This represents your contribution to the shared costs incurred by all condo owners.
• Rules and Regulations - As a resident, you are bound by rules and regulations applicable to all residents and tenants of the condo building. Some condominiums, for example, totally disallow pets and animals of all kinds. There are condos that forbid tearing down a part of your unit or changing the color of your wall. Some condos allow residents to use the swimming pool or common area up to a certain time only. Know your condo rules prior to buying so you won’t be surprised by the regulations once you have moved in.    

If you are looking to buy a condo, consider all of these things so you won’t feel shortchanged or disappointed with your purchase. The list above may not be exhaustive but we hope we gave you an idea on what to look for before buying a condo. 

By being fully informed, you will be more likely to be thrilled with your decision and to love living your life in your condo.

Happy condo living!