Condominiums often attract people because of their location and amenities. After all, these can offer you a space in the city, which is less expensive than buying an actual home. But there are still a few misconceptions surrounding condo living that affect the decisions of some buyers.
Owning a condo unit is an excellent investment. Not only can you use it for residential space, but you can also have it rented out and turn it into a staycation paradise. But neglecting to find out the truth about it can also leave you frustrated. To help you make a better judgment, here are a few of the most common misconceptions about condo living and the truth behind each of them.
Misconception #1: A condo is like homeownership
Although you do become a homeowner when buying a unit in a condominium, there are specific rights that homeowners have that condominium owners do not. These rights are often related to the fact that you share the actual structure with other unit owners. So, while you can make any changes to your condo unit, you can’t undertake the same major renovations that you can in a regular house.
You need to follow the condo rules in the building so that you won’t end up disturbing other people. Also, Investopedia says that you may not have control over a few areas in your unit that are considered a part of the common property. These can include windows, balconies, and patios.
Misconception #2: There isn’t enough space inside the unit
Buyers have the option to choose the size of the property that they want to buy, depending on their budget. Although condo space is limited, most people find them charming and convenient because there’s less space to clean. But if you want to maximize your area, then going for space-saving furniture is the best way to go. Contacting a retailer for a sofa bed in Singapore is an excellent choice for those who want to utilize their space. Calgary Living says that even organizing or arranging pieces of furniture can also help you make the most of your existing space.
Misconception #3: Condo fees aren’t a necessity
Most homebuyers see condo fees as an extra fee. But these fees are crucial, especially when it comes to maintaining the entire structure. That’s because condo fees generally include a contribution used for the structure’s maintenance and upkeep. It can also include heat, sewer, water, and garbage collection fees, too. Condo unit owners are advised to be mindful of the condo fees, too. Condo fees that are excessively high compared to the building’s amenities can be a sign of poor money management. Review the condo documents to ensure that the fees are valid.
These are only a few of the many misconceptions that prevent buyers from considering a condo unit. Although most condo units may be small, these typically provide enough space to push your creativity to the next level. Condominiums built today are well-designed to give each unit owner privacy. That’s why they are an excellent option worth considering when thinking about your next home.