A condominium or a condo is like an apartment but has distinct features. The building of a condo has multiple floors and units. Different individuals own the units; however, they jointly share the common areas of the building. The common areas include the swimming pool, the park, hallways, elevators, and the garage. Individuals can buy units in this building, but the entire building will not belong. The homeowner’s association usually manages the condo building that charges the residents with maintenance costs in return for their services. Buy properties in Blue World City.
Difference between a condo and a house
A condominium can be a home, but it can not be a house as there are fundamental differences between the two. A house is a single unit house that an individual owns, and a single-family resides in it. A house comes with its backyard, a garage, and other facilities that are not present in a condo.
Pros and Cons of renting an apartment
Pros
The demand for condos has increase significantly due to the several benefits that it brings along. A condo requires lower maintenance, and hence the cost is lower compare to a house. Moreover, the responsibility of maintaining the exterior of the building and areas beyond the insides of your condo does not belong to you. The home owner’s association takes up the responsibility for the maintenance, and you have to pay a monthly maintenance cost. Since the total cost is divide among all the residents, the per condo cost is not that high. Living in a condo gives a greater sense of security to most people. Living alone or having a small family living in a big house can make you feel lonely and more at risk.
However, in the condo, several people are living in the building, and the condo building usually has its security system. Therefore, many people prefer living in a condo over a house due to the security benefits. If you live alone, residing in a condo can help connect you with other people. Most condo owners have parties and get-togethers providing a chance for you to socialize with your neighbors. Buying a condo is also way cheaper than purchasing an apartment. A condo is a more affordable option for most people, and mortgages for condos are also easily obtain. Furthermore, the taxes place are lower, and the building provides several facilities and amenities. Invest in Capital Smart City.
Cons
A home owner’s association manages the building, and it places several rules and regulations place on the residents. This limits your freedom as a resident as you need to do things according to the fix rules. A condo also provides less privacy than a house as you have to share the outside spaces with other residents.
If your luck is bad, you may even have to deal with noisy and annoying neighbors that will disturb your peace. You have your backyard in a house and are free to do whatever you want in it. A condo provides limit space, and if you have a big family, it can get quite congest.
Another downside of condos is that it has a low investment return. While houses increase in value with time, the value of condos generally decreases; therefore, they carry higher investment risk. Rental contracts for condos are also more complicate and are made for a short period of time.
As mention above, residents living in a condo building are charge with home owners’ association fees. These fees can vary widely, and they can be extremely high in some cases.
Conclusion
Overall a condominium acts as an excellent place to live. It is easier to maintain and is more hassle-free compare to a house and hence is perfect for people with a busy lifestyle. In order to find good condos at reasonable prices in your area, you should get into contact with a local real estate agent who can show you around. You might want to know about 1947 Housing.
Author Bio
Ramza Zahra is a Karachi-base freelance content writer who uses her life experiences and curious nature to research and pen it down and make a living. Currently, she is working with Sigma Properties as an Snr. Content Writer.
