Nowadays, because of the increasing population and the decreasing available land, homes are getting smaller and the trend is to go up. Condos are becoming more popular and the home of choice for young professionals. If you’re planning to invest in one, there are some factors you might want to consider:
location – as with any real estate investment, location is key. A good location will mean a high resell value and a good return on your investment. Also, consider what you’re needs are. If you want to be close to work, with shops that are readily accessible, then a city condo is for you. But if you want a location with less noise, traffic, pollution and are planning to raise a family, then a condo nearer a suburb and schools may be what you’re looking for.
Monthly dues – monthly dues can vary according to the amenities and services a condominium has. Calculate how much you can afford – remember, these dues will be in addition to your mortgage and can’t be taken off, even if you’re not using the condo’s amenities.
Choosing Your Condo
Co-op or Condo?
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Condominiums: Owner has a deed for unit, has a separate mortgage, pays property tax on the unit plus a percentage of the common areas and pays a monthly maintenance fee. A board of directors governs the complex with the owner having one vote. The condominium owner has a fee simple absolute unrestricted ownership and is individually responsible for property taxes and maintenance fees. Use the sales price of condominiums with similar size, appeal, age, neighborhood, incurring similar maintenance fees, etc. to determine market value.
Cooperatives: Most co-ops are incorporated and a board of directors governs the complex with the owner of each individual unit having one vote. The owner has no deed, only stock and a proprietary lease which has a term from 10-50 years renewable automatically or at the discretion of the shareholders. He/she cannot refinance his unit as a condo owner can. Mortgage, property tax and maintenance fees are paid pro rata by the owner according to the percentage of the overall size of the unit. Property tax appeals involve the corporation and the stockholders.
The pros and cons of condominum associations
Condominum buildings are usually managed by associations. Each unit owner is also a member of the association, and the members regularly elect board membres. The association lives to enforce the bylaws of the building organization, and handles maintenance, repair and other such homeowner isssues. The organization also deals with disputes among owners, and with developers.
This can be a great idea–to band together for a more organized living. After all, condo unit owners live on the same space and structure.
However, because condo associations are not usually made up of property-management professionals, the organization has the tendency to be weak and inefficient when it comes to management matters. And in many cases, condo unit owners have to seek approval of the condominum’s association before doing any renovations on one’s own unit. Or if, in case, you want to lease out or rent out your unit, you might have to seek the approval of the association or board, too.
So unlike owning a house and lot of your own, you would have to please the neighbors, too!
The Down side of condominiums
Although staying in a condominium would be a good way to start on the road to independent living, it might not be such a great idea for everyone. Things to consider about staying in a condominium is that there are higher safety risks, considering that you may be living on the top most floor and that at any time natural disasters could strike. Moreover, staying in a condo costs a lot—from the fees to the unit itself. Consider your needs before picking out that condo, it might not be for you after all.
Union Park
Designed to breathe new life in the old downtown of Las Vegas, Union Park’s 61-acres of mixed-use development is a highly ambitious project that could just be the cultural center the city needs. With hotels, restaurants, a medical center and offices, Union Park will be a complete city in itself. Now is your chance to snap up one of the 3,200 housing units that will be available through developer Newland Communities. You’ll be a stone’s throw away from the planned Smith Center for the Performing Arts, which will be home to dance, music, and theater performances, the World Jewelry Center, the Charlie Palmer Boutique Hotel, and theGehry-designed Lou Ruvo Brain Institute. Las Vegas just got more exciting.
The Disadvantages of Condo Living
We have cited a number of advantages of staying in a condominium. It is also a good start for those who want to practice independent living. Although a lot of people can really cope-up and survive in the set-up, there are still some individuals who are not yet open with the idea of living in condominiums.
Even if the security is tight in a condo, there are also some safety risks especially to those who are living on the 20th or even the 60th floor. They will be the first one to get affected ones natural disasters such as cyclone and earthquakes would strike. The cost of condo units and association fees is no joke. If you are not financially ready, then this is not for you.
Setting Up a Garage Sale
Do you have some unwanted stuff stuck in your cabinet but you don’t want to throw it? Do you have some shoes that don’t fit you anymore but is still as good as new? Do you have an old radio that can still play good music?
Admit it: You have a lot of “useful trash” found at your home, but you find it hard to throw them away due to practical or even sentimental reasons for some. There’s nothing wrong with that, really.
Why don’t you set-up your own garage sale? Yes, you can freely do that in the condominium community. In this way, your things will be useful again to its new owners. Just make sure to sell only the items that are in good condition.
A Trashy Situation
Everybody wants a clean and peaceful place to live in. Who would like to live in a dirty and smelly place?
If you are residing in a condominium, make sure that you dispose your trash properly. Avoid throwing your garbage in the hallway, in the stairs, in the elevator or the floor. A disposal area is designed specifically as storage for the unit owner’s trash. It is advisable that you practice separating the biodegradable and non-biodegradable. Items that can still be re-used such as papers, bottles, plastics and so on can be sold to junk shops or can still be useful to others.
Guaranteed Security in Condo Living
The security of our home is one of the most important we consider. We can’t really leave our family members at home if there are threats of violence such as massacres, kidnapping and ambush. Just the thought of the possibilities makes you feel so stressed and tired.
One of the benefits that you can get in staying in a condominium is security. The usual condo community is mostly private and the security guards roam around from time to time. Have you noticed that we rarely hear bad news in condominiums? With the growing crime rate in almost everywhere, a stay in a condominium can give you the peace of mind you deserve.
Condo Living is Convenient
The main reason on why a lot of people would rather stay in a condominium is because of its convenience. Why? Because in condo living, you need not worry about the garden landscaping, house maintenance and other home responsibilities that are a bit stressful and time consuming unlike if you are staying in the traditional family home. A lot of people especially those who are working in full office hours or with overtime barely have time to work on household stuff. Majority of them just go home to eat, take a bath and sleep. Living the condo way really fits their lifestyle and budget.