There are loads of reasons why someone who opt for high-rise such as condominiums even when a condominium for sale usually come with a hefty price per square foot. When purchasing a condominium the buyer is agreeing to buy all the space within the walls. Everything outside the condo belongs to the building manager. Condos are a great buy, but to determine if they are right for you there are some pros and cons to consider.
The Many Advantages
Condominiums are usually conveniently located in places like downtown locations, or within walking distance of public transports, restaurants, shopping, schools, and medical facilities. It also gives a sense of security to many people who feel safer having close neighbors. This is especially true when some condos are heavily guarded with security guards, buzzers and gates with security codes.
Low maintenance sounds like not the case when you need to pay more or less half a dollar per square foot but trust me, it is. You are paying a low maintenance price to get things like plumbing taken care of. Moreover, you don’t have to worry about mowing your front law or backyard or taking care of the common area. The area under your own administration is just too limited which is a good thing.
Amenities are a good selling point for condos. Most places offer many types of amenities like a lifestyle gym, pool, playground and grocery stores. Not forgetting a close community goes by the name of condominium association. Each owner is a part of this association. The association has an elected board that is responsible for repairs and maintenance issues, along with enforcing policies or bylaws. They handle disputes between neighbors as well.
Last but not least, you can pretty much lock the door and go whenever you feel like getting out of city for a vacation. Your condo is much less likely to get broken into because of the security condominium offer. More often than not, your condo will be located in the heart of the town or city or even close to great shopping center and restaurant allowing you to enjoy the life a little better.
You Can’t Have It All
Of course not everything can go in your favor especially when you as the unit owner never owns the land underneath them or around them. You will only own the space between the walls of your condo. Common areas are shared with others in the neighborhood. There is little storage space and bedroom does not typically exceed 3 per condo. The space is not too large either. Sometimes the rooms and restrooms are small. Consider how much space is needed in the home. Consider how much time will be spent in each room.
Sometimes there is not a lot of privacy. Sharing a wall means hearing the neighbors’ next doors from time to time. Another thing to keep in mind is that condominium corporations can impose numerous monthly fees. Some of the fees may cater for electricity but more often than not, they will only include building insurance and property maintenance. The amount of the fees depend on the square footage of your condo so the bigger the unit, the higher the fees you will pay. In some instances, the fees can runs you an extra RM 500 per month. If moving from a home to a condo, the association might come across as weak. It is made up of homeowners not property-management professionals. At times they have been known to be inefficient. In addition, renovations of a personal unit might need the approval of the association.
There you go on the many pros and cons of staying in a high rise like condominiums. When you are on the hunt for the perfect condominiums, consider everything involved from the location, security, parking spaces, layout of the unit and more. Fret not, I’m not asking you to go condo by condo to check all these out, you just need to visit property portal like PropertyGuru to look for condominiums for sale and you can get all the information hassle free.