Condo living has become a prevalent trend among urban dwellers. Not only does it provide simplicity in access, but it is also the most affordable option in some cities.
In this occasion, you’ll learn three essential things to think about before you move to a condo.
Condos are often situated in commercial areas. This residential type is designed to be the most reasonable option for housing in overly crowded locations. In other places with fewer business activities, condos become a luxury option. And in such a case, you must think twice before you decide to move to a condo because it is no longer a prudent choice.
In other words, you must evaluate the destination of your relocation carefully. If it is surrounded by businesses and is highly-urbanized, then condo living must be on your top priority.
Condos provide an enclosed area that is exclusively intended for the residents. If it has a jogging track, for example, the condo dwellers do not have to be worried about having to share that facility with outsiders. Not only does it mean a spacious place to exercise, but it also offers more security to everyone inside.
Other amenities that are usually included in a condo are gym studios, swimming pool, 24/7 parking space, coworking space, and even massage and spa parlours. However, the condo management often requires you to pay separate money for those facilities. These fees are also called as associate dues, and they can fluctuate depending on the agreement settled by the condo management and the owners.
Even though you own the condo unit you buy, there will be some restrictions on the improvements allowed. You can’t modify your room as you please. And this is not without reasons. Now think about it: if all residents are given infinite freedom to renovate their condos, don’t you think that the whole building’s market value will get affected? The restriction is there to keep all the condo units within a standard. And that standard is what keeps the estate’s rate stable.
Moreover, upgrades and downgrades of facilities are also possible in condos. However, they will surely require your approval. The thing that you need to note here is how the procedure for that scenario is going to take place. You must know your rights as a condo owner.