There are several reasons why people choose to buy condos over renting an apartment or single family homes. Whether it’s the affordability factor that condos offer over traditional homes, the joy of owning a home without the headaches of maintenance or the convenience of various social amenities and cultural centers. There are Condos in Mississauga for sale at affordable rates. From fees, contracts, to maintenance, there are many facts about condos that you should know before you decide to own a condo.
Condo comes with the benefit of shared responsibility in terms insurance and repairs. Condominium communities have formed associations that oversee the smooth running of the residential area such as making upgrades and repairs to certain features such as roofs and windows.
Most insurance covers offered to condos associations covers parts of the home’s structure and as such condo owners can often find insurance at lower rates than traditional homeowners of similar value. However, this depends on the components of the master policy the association has purchased. For the owners to get the best price, it’s always a good idea to frequently review the association’s policy.
Condos are more Affordable
Usually, condos offer a more affordable alternative than traditional homes of single homes, especially in densely populated areas. As such, condo living can offer a more budget-friendly option. For example, a three-bedroom condominium can cost you thousand dollars less than it would cost you to buy a three-bedroom home
Incorporation of Real Estate Agents in Condo Buying
Consulting experts is very important whether you are planning to buy a big home or condo. This is especially important for first-time buyers. Getting an agent who has vast experience in bringing together potential Condo buyers with condo sellers can bring the between a relatively pain-free process and a frustrating and long one.
Condos are Governed by Association Rules
Most condo living may require that residents abide by certain the association rules. For example, an association may make it mandatory for all residents to comply with set rules from registering all visitors with security department to minimum noise after 10 p.m. Some may even prohibit running any business in your units or keeping of pets.
Other Included Fees
As said earlier, the amount paid on a monthly basis for condo living may be relatively lower than a single home mortgage. However, it is important to remember that condo living comes with extra charges of association fees. This is the monthly remittance that may help to cover for anything from shared property maintenance to lawn or gate security.
Afford-ability and price aren’t the only the only benefits that come with condo living. Some residents, especially single adults and seniors, finds it convenient to have someone else correct that plumbing problem or sweat behind that lawn. These residents consider condo living as an opportunity to own a home without the pain of home maintenance.
The Reserve Funds
Reserve fund is the amount of money that is set aside by the association for repairs to the shared property. According to some experts, if the amount set is very low, it can be an indication of poor management. This means that in the case of severe weather or a major fire event causes massive damage to any communal property, the association could ask the residents to cover up the costs of repair.