A big debate these days is whether or not to buy a house, or buy a condo. Most of this debate comes from a lack of understanding about condos, and what they are. Hopefully, the following information will prove to be helpful.
When Buying a condo, are you a tenant?
No. That simply isn't true. When you buy a condo, you are buying a part of the corporation, and are thus an equal owner. It is true that you can be forced to move, if you are really disturbing the other owners, or causing problems. But this is true of residential homes as well. If your neighbors complain repeatedly about smell, health concerns, or criminal behavior, then you may be forced to move. The same holds true in condos and houses alike.
The board can force you to pay thousands of dollars arbitrarily, and without notice.
At first glance, this may appear to be true. But keep in mind that the condo association is made up of owners who have the same goal as you? Having a comfortable place to live that is building equity. The members of the condo association do not make any money from their positions. They are owners like yourself, who are volunteering their time. There can, however, be "special levy's" brought about by unexpected maintenance in the building. The same holds true of a house as well; the expenses just come from a different place. Ask anyone who owns a house how much it cost them for their last furnace. Or how much they spent repairing the water leak, and replacing the shingles. The advantage in a condo association is that you share these costs with the other owners, and are forced to save money in advance for these repairs, through the reserve fund.
Condo fees cost too much each month!
Again, not necessarily true. If you were to add up the amount of money that a family spends over 5 years on the maintenance of their house, you'll usually notice that it equals more than 5 years worth of condo fees. Also, many condo associations pay for their monthly expenses as a group. Heat, water, insurance, and maintenance are examples of such expenses. By purchasing as a group, they can often get these services at a lower rate than a single home owner can.
I could never live in such close quarters
That's probably true. Condos aren't for everyone. Every person has to make their own decision, based upon their own lifestyle; now and in the future. If you have 3 large dogs, 3.5 children, and 4 cars? a condo probably isn't for you. But, if you're a single young executive who works 80 hours a week, or you're retired and travel most of the year, then perhaps a condo is the right choice for you. Only you can make that decision, as it is a lifestyle choice. Here are some factors to consider in your decision.
In fact, these are issues to consider on any home, not just a condominium. It's just as easy to get "bad" neighbors when you buy a house as it is when you buy a condo. The best advice that can be given is to research your choices, and be objective when choosing a home. My favorite example of this is as follows:
"A friend of mine asked me to help him find a home. He's a single young man who travels 75% of the time for his job and is rarely at home. When he is home, all he wants to do is sleep and watch TV. He wanted to buy an acreage so that he could have privacy. After looking at the amount of continuous maintenance required for an acreage, he realized that acreage living wasn't for him. He's very happy in his apartment style condo."
Make your own decisions, based upon what's best for you. If a condo is where you'll be happiest, then buy a condo. If a house is what's right for you, buy a house.
About The Author
John Carle & Sharon Gregresh are Realtors with Royal LePage - ArTeam in St. Albert, AB. They pride themselves on providing more than just real estate sales and listings. Their clients benefit from a much larger spectrum or real estate services. Contact them any time at information@workingtogether.ca or through their website at www.workingtogether.ca. They can be reached by phone at (780) 458-5595
The Region has four distinct seasons but in general possesses... Read More
So you're interested in going into business as a property... Read More
In this article, you're going to discover new techniques for... Read More
Changing social trends point to a huge rise in demand... Read More
Babyboomers whose children have left home, commonly known as "empty-nesters"... Read More
You shower, shampoo, dress your best, check to see if... Read More
As I write this, there is a considerable concern about... Read More
When considering investment properties, first of all, it must be... Read More
An education of some sort is a prerequisite these days... Read More
All of us have emotional preconceptions and assumptions. They are... Read More
My system teaches people that the proper use of credit... Read More
In addition to zoning, some properties have covenants recorded at... Read More
Lots of folks think it can't be done.How in the... Read More
When it comes to buying investment real estate, there are... Read More
Don't sell it yourself! Sometimes a "FSBO," or house "for... Read More
Luxury homes are lots of fun to inspect. Sure, the... Read More
Equity is the value of your home minus what you... Read More
Perhaps you'd like to take advantage of today's great buyer's... Read More
Mexico is CHEAP! But its getting more expensive. As property... Read More
Understanding and using yearly price growth statistics in an area... Read More
In October 1999, Oregon was one of the first states... Read More
Why you should Rent a place to live in and... Read More
If you're thinking about selling your home and moving up,... Read More
PrefaceWe are For Sale By Owners, "FSBOs." We spend our... Read More
So you're thinking of getting into a bigger house. You... Read More
Is it your dream to one day own a holiday... Read More
Wouldn't it be nice to have Roger Hazard's design team... Read More
Happy New Year, Make it a better world. "Pay it... Read More
In many parts of the country, selling a home during... Read More
The CompromisThis document is the document you will sign agreeing... Read More
In recent years buy to let has been a popular... Read More
So, your selling your home. Prepare yourself both physically and... Read More
When examining the different asset classes, real estate is generally... Read More
Styles of houses vary across the country. From the New... Read More
The prospect of shopping for a new construction residence can... Read More
So, you're selling your home (house, townhouse, condo, apartment, land,... Read More
I love what Trump says about the business of real... Read More
Anyone interested in real estate should be able to talk... Read More
The conclusion of final agreement between a seller and a... Read More
Have you ever noticed that despite the massive number of... Read More
When examining the different asset classes, real estate is generally... Read More
The weak US dollar has been good news for real... Read More
Why Do Realtors Advertise Your Home in Print,on the Radio,... Read More
A good school district is a key factor in home... Read More
Repairing a rental home (or your own home) use to... Read More
Another real estate writer's mini course, full of promises and... Read More
Congratulations! You've decided to purchase a home. We all know... Read More
If you are in the market to purchase a home,... Read More
All of us have emotional preconceptions and assumptions. They are... Read More
My system teaches people that the proper use of credit... Read More
Did you know that the sales flyer is the most... Read More
Real estate is one of the best vehicles of building... Read More
Curb appeal is the most important challenge you'll face when... Read More
Buying to let is considered a serious investment and should... Read More
Second homes in favourite holiday destinations such as Spain are... Read More
More and more individuals are realizing that real estate is... Read More
The phone range and Peter was on the other end... Read More
I have been a mortgage lender for many years and... Read More
Listing real estate online can be a great way to... Read More
Spain has a lot to offer Northern Europeans and until... Read More
To make the maximum profit on your investment properties, you'll... Read More
There are several different types of listing contracts. Few of... Read More
There was a time when every conversation was focussed on... Read More
Cheap, Bargain, Real Estate; Good Deals, Below Market, Low Priced... Read More
Wrapping a property is a simple concept that can create... Read More
Real estate investing runs the gamut in terms of risk... Read More
Real Estate |