Condos: Are you ready to buy one?

A condominium or condo is different from a private home dwelling since it refers to a huge complex with several units. As a potential home buyer you can have ownership of individual units. You will have your own apartment but you will be sharing other amenities (within the complex) like roof, lawn, garden, gym, pool, badminton court etc with others. Now, this poses a unique challenge for potential condo buyers. Why? Let us find out as we read on. Condos: Is there a sense of ownership? Firstly, a condo does give you a sense of ownership. However, it is restricted to the four walls of your room. As already mentioned above, you have to share the other amenities of the property viz swimming pool, play court, gym and roof etc with others. So, those of you all willing to taste complete freedom of owning a house, might find it a bit difficult to adjust here. When it comes to your private house, every inch of the property is owned by you- garden, lawn, pool and so on. However, it’s not so with condos. However, an advantage of investing in a condo is definitely the lowered maintenance costs. In case of private residence, your freedom to claim ownership of every square foot of land will come with its set of responsibilities. You have to pay up for the maintenance and repair works related to all these amenities. However, when it comes to condos you get to share the costs just as you share ownership of the amenities. More about condos The condos are especially popular in places where the value of property is really high. For instance, you shouldn’t be surprised to find a lot of condos in holiday hotspots. This is partially owing to the fact that single-family homes turn out to be expensive propositions where there is scarcity of additional space for buildings. Condos: A choice not an option So, basically it all boils down to your decision to give up on your “ownership” wishes to settle for comparatively cheaper (then private houses) condos. However, there is simply no reason to think that condos are only an option for homeowners and not their choice. There are people who willingly settle for condos since they are reluctant to assume responsibility of an entire house. The condos are managed by efficient associations who take care of the maintenance and repair needs on a regular basis. Even if a light in your own apartment has gone out you can have the electrician right at your doorstep just by making a call to the building managers. However, you have to remember that the usage of the amenities is governed by a string of legalities spelt out by the association. And you have to abide by these rules at any cost. For instance, you might as well be all excited above owning a unit of the well-known north park residences Singapore. However, you have to ensure that you are sitting down with an attorney to study the agreement and understand the rules and regulations of north park residences yishun central thoroughly before settling there.