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In Comparison: Apartment vs. Condominium

Date Added: October 29, 2008 07:35:21 AM
Author: phoenix
Category: Business & Finance: Real Estate
 
Wondering if condominium living could be right for you? Almost in ever corner of a highly urbanized city, a high rising condo towers the street. The fame of state-of-the art living has captured almost the attention of city dwellers to shift from the traditional apartment to condominiums. Here are some facts and finds to consider when choosing between the two. Cost and appreciation: Although the cost of condominiums are higher than an rent, the advantage of having a condo unit is the ownership. Considering appreciation, condominium appreciate more are even less than a home. If looking for an investment, it is better to invest in condo rather than feed the landlord with rents but never acquire ownership. Maintenance? Hidden cost? While it is true that being affordable and a potential for appreciation are some of the key advantages of a condominium, taxes are still being paid since they are now owned rather than in rent- just the rental fee and no tax. Adding to it, unit owners also pay for the HOA or the home owners association membership dues and even special assessment to augment the cost not anticipated by the membership. In renting apartments, the landlord is responsible in giving the necessary fee to cover the cost of the maintenance. Unlike in a condominium, the maintenance services are provided vary between different HOAs. Property and Obligation Owning a unit in a condominium is sharing in the fraction of the whole building. Once the unit owner accedes to the contact he is obliged to abide with the contract, its conditions and restriction. Failure to abide with this rules can cause the rescission or termination of the contract. While having a unit attaches with it ownership, it does not mean major changes or alterations can be made. Any changes is subject to the approval of the HOA or the company rule. Buying a home is the best option when changes is in mind. Right to Privacy Similarly, both living in a condominium and an apartment requires to be considerate with the neighbors. Only a portion is owned or rented. That only entitles them to that specific portion. To enjoy more privacy, an owned home is best.

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