Condos: Are they Worth the Money you Will Save?

CondosCondos or condominium comes from German origin “com” meaning together and “dominum” meaning right of ownership. A condo is a private apartment in a building containing similar units. An apartment is a unit in a building of similar units and all of these are owned by a single entity.

People purchase condos mainly because they are affordable and cheaper compared to other residential alternatives. Condos can be afforded in desirable areas like near golf courses, tourist destinations, etc., where family homes can prove to be costly. Besides people get to share expenses on maintenance and repair work which reduces the expenditure. Many condos even have swimming pools, recreational centres, sports areas, etc.

The perks of condos might seem tempting but there is always a flip side. Condos mean plenty of shared spaces and ownership and when there is difference of opinions even on trivial matters, clashes may be inevitable. A resident has to share his walls, floor and ceilings with someone and must take care to control the decibel level, not disturb comfort level of their neighbours and hopefully neighbours will follow the suite. There are also meetings of the residents of condo for decisions over common areas like old ceiling or security expenditure, etc.

With modernization, condos are growing in number because of costlier means and lesser space in cities. Condo owners are bound by association’s covenants, conditions and restrictions which are like a legal agreement. Also they are required to pay home-owners association fees. If lived with due precautions in condos, they give a feeling of community harmony and will give you some handy friends who can keep a watch on you on your blue days.

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