Condos 101: A Guide Of Information For Prospective Buyers
Posted on: 29 December 2016
Even though condominiums (often shortened to condos) are a popular choice among real estate investors, a lot of normal consumers don't have a lot of information about these apartment-like housing units. Therefore, condos often get skipped over by buyers simply because they are unfamiliar with what buying a condo is really like. With a little insight, you could definitely see some advantages in owning a condo over a traditional house. Here is a quick look at a few of the most common questions inexperienced buyers tend to have about condos they find listed in real estate listings.
So, what exactly is a condo anyway?
A condo is much like an apartment in form because it is basically a living unit that is in the same building as several other living units. However, when you buy a condo, you are taking ownership of that specific portion of the unit. Condos, just like apartments, come in all different shapes and sizes, from small and compact to massive and containing more than one level of living space. These living spaces are a little less common in some parts of the country or in rural areas, but can be found in abundance in most city locations or locations that are densely populated.
Why would you buy a condo instead of just renting an apartment?
Buying a condo instead of just renting an apartment gives you several advantages. For one, when you rent an apartment, the property is not your own, so you will not be allowed to make changes to its interior, such as replacing appliances or installing new carpet, without the landlord's permission. When you own a condo, you do own part of the entire building, which also gives you a voice where building maintenance, landscaping, and upgrades are concerned. Plus, condos tend to hold their resale value pretty well. In many cases, their value just rises with time, so your investment could easily yield a return down the road.
is it a good idea to buy a condo if you don't plan to live there full time?
A lot of people actually buy condos simply because they want a place to stay when they are visiting one of their favorite travel spots. In these situations, the owner often leases or rents the condo out to other travelers when they are not using it themselves. However, this is something that will have to be allowed by the overseeing committee of condo owners in the building.
For more information about condos for sale, contact your local real estate agent.Share