The Condo Life: A Guide for New Owners



You probably have a general idea of what a condo is. The Condominium, also known as a condo are simply real estate properties which are divided into units amongst various owners. Along with that, the condo also has common units, which are shared by all the members living in the condo estate.

Owned outright unlike apartments, condos are a growing trend in urban cities, where people are looking for ownership of property, with lower maintenance than traditional houses. Keep on reading for reasons on why you should choose to live in a condo, and how to get the most out of your condo life.

Why choose a condo?

It’s A Prospective Investment

The mortgage payments of a condo are frequently equal to rent payments of traditional housing schemes. That means, if you were living on rent in the place of a condo, all of those monthly rent payments would be going to waste at the end of the day.
Instead, with each mortgage payment, you get one step closer to owning the property. In a way, each payment acts as financial equity, which puts you in a better financial condition once all the payments are made, as then you have the ownership of an asset at hand, which you can use for further investments, income generation and more.

It’s A Secure Residence

Since a condo gives the individual ownership, it’s a secure form of residence. In rented property, there is a constant fear of eviction. No matter how good of a tenant you are, it is always possible that there is a change of hands between the landlord and a new landlord, or your landlord decides merely not to have tenants on their property anymore.
Compared to that, there isn’t a constant risk of eviction in a condo as you are its owner, and living in a condo will make you feel at mental ease knowing that your residence is entirely yours and there’s no imminent threat.

You Can Customize It As Your Own

Most rented properties don’t give you the liberty to make changes to the place. As a result, you cannot make fixture renovations or any sort, even to the extent that even screwing a nail into the wall is not permissible.
Because of this, the house often does not feel like a home to the tenant. In a condo, however, you have the liberty to customize it however you want and make any changes and renovations as you prefer to make you feel at ease.

Shared Amenities

With living in a condo comes many shared amenities, which can range from anything like parking garages to swimming pools and gyms. You can enjoy all these amenities as a part of owning a condo.

An added benefit is that you aren’t responsible for outdoor repairs like you would have been had it been a traditional housing. There is a maintenance fee, and the maintenance department of the building takes cares of all the outdoor property, for example, cleaning the pool. The condo owners can spend this time on other aspects of their lives.

Making the most out of your condo life

So you have bought a condo, now here are some tips so that your condo experience is as smooth as possible.

Being Neighborly
In a condo, you will be living in very close proximity to other condo owners, as well as sharing many shared condo amenities with them. So it’s important to be on good terms with them, as they will be the ones you will resort to if anything in your condo goes wrong, and your neighbors would only be cooperative with you if you have already developed friendly relations with them. Not to mention, you will also be spending a lot of time seeing them, and befriending them will give you an offline social experience which is rare these days.

Getting To Know The Management

Like neighbors, management also plays an integral role in your life in a condo. If any problem arises, such as a water shortage, they will be the ones who will actually sort it out for you.
Getting to know them will result in them considering your problems when you go to them, as opposed to being a hostile resident who never interacts with the management politely.

Actively Participate In Board Meetings

Most condo buildings have a board system amongst their residents, and actively taking part in it from the start helps in tackling issues which arise, and help in creating solutions together at a platform where everyone is together. It also creates a sense of goodwill for you amongst other residents.
A condo is an excellent investment if you’re looking for asset ownership to come out of it, and being cordial and creating relationships at your time in the condo will boost your social connections and impact on an overall good experience.

 

About the Author:Dan Boyle is a real estate agent in Marco Island, Florida specializing in waterfront and beachfront property. He is the team leader of The Boyle Team and has authored several in-depth guides to buying Florida real estate and second homes.

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