You’ve probably heard the term “condo”. Somehow you remember seeing it advertised on television, on glossy flyers and on colorful brochures. You might have friends or relatives that now live in it. Or chances are, you’ve been into a condo unit before. After all, condos are part of our modern society. It is an alternative to single family homes.
So what is a condo?
“Basically, the word ‘condo’ is a collection of individual housing units or apartments clustered in a high-rise building”, says Richard Oller, an experienced lawyer and founder of thecondoshops.com. “The tenant does not rent but rather owns the unit.”
When you buy a condo, you immediately become a member of the condo tenants association. You will enjoy from the added condo community facilities like swimming pools, gyms, sports facilities, recreational areas for children, and other amenities. These perks save you significant amount of money.
As a condo tenant, you also share the responsibility of maintaining the operating costs of the complex by paying a small monthly fee.
TYPES OF CONDO
Condos come in various types. Most common are:
1. Residential Condo
As the term suggests, a residential condo is a place where tenant stays. These are usually three-storey to five-storey midrise building. Also, these condos have an attractive exterior views, private driveways, and common recreational facilities like swimming pools, sauna baths, playground, etc.
2. Recreational Condo
These types of condo can take various forms, like mobile home parks or recreational “pads”. Or it could just be a bare land condominium along wilderness or waterfront areas.
In a recreational condo, the “tenant” builds a cabin and pay for the ownership of the land beneath it.
These recreational condos could have a community center, a communal boat if it is a marina, or farm animals if it is in the forest.
3. Resort Condo
As the term suggests, resort condos are usually built on lakeshores, island resorts, ski country or seacoasts.
These condos are made of modular housing, attached townhouse, bare land detached homes or a combination of all these. With a resort condo, you get year-round enjoyment of facilities.
If you want, you can rent your resort condo when not in use. This limited rent could defray the condo maintenance costs and benefit you and your temporary renters in the long run.
4. Commercial / Industrial Condo
Usually located along high-traffic business areas, commercial condos are fast gaining popularity among business-minded people. It follows the format of the residential condos.
Owning a commercial condo saves you money by putting a cap on rent increases, earns you tax-related benefits, gives you significant discounts on mortgage interests, and gives you peace of mind with its security setup , to name a few.
If you like, you have the option to sell your condo for a modest profit. Or if your financial capacity warrants it, you can outright buy the whole building.
HOW SHOULD YOU BUY A CONDO
If you are planning to buy a condo, you first decide the condo you want, the intended location, and your budget.
You browse through ads, search through the Net, and contact the condominium’s respective sales department. It could take time when you do these on your own. ( Not discounting the great possibility that you could fall victim to condo sales scammers out there).
To save you time and effort, there are reputable firms like thecondoshops.com that offers free consulting services for prospective buyers like you.
Simply get in contact with any of these establishments. You tell them the condo you are looking for and your intended budge. Include prospective locations.
These establishments can do the give you important tips and advice. In addition, they can do the paperwork for you, offer you significant discounts, and give you the best condo location your money could buy.
by Claire M. Stevens