BENEFITS OF OWNING AND LIVING IN A CONDO

BENEFITS OF OWNING AND LIVING IN A CONDO

What is a Condo?

The word “CONDO” is an abbreviation of the word “CONDOMINIUM” which is a flat, apartment, townhouse, duplex, triplex, or even a free standing house which has other living units within the same compound sharing common land on which they collectively stand. You could buy any of them and own that unit, but would have a freehold on the land but shared by each and every owner of the other units standing on that land. It is collective ownership to the common land and it will remain so even when you sell your unit.

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This is stark contrast to freehold houses where you would own every square inch of land on which it would stand and when selling it you could sell in totality. This is the difference between the latter and the former grouping.

There has been quite a lot of hype recently about “Condos”, and many tracts of land especially in close proximity to the nearest city center coming up Condo with varying prices depending on the facilities available in it and also around it at short walking or driving distance. The other factor that would determine the price of a condo would be the facilities it is bestowed with, the area within, the number of bedrooms, fittings and many more other additions.

We look at the five most basic benefits which would make Condo owning and living, good for you and your family.

#1. Amenities

You need not bother about the supply of the three main amenities to your unit because it is the responsibility of the management committee of the Condo to ensure that every living unit is supplied with electricity, water and gas 24x7 without any breakdown. If there are any issues with these you just need to call the person concerned in the management committee and he would in turn call the company contracted to provide it and ensure you are connected in the shortest possible time.

You need to pay your individual bills when they arrive at your doorstep for which most Condos have fixed meters which would determine your individual usage. You would save much time unlike living in a freehold home where you would need to attend to these and if you are a busy individual it could take up much of your time.   

#2. Facilities

The Condo would have common facilities and some of them are a swimming pool, a park, jogging track, children’s playing area, reserved parking slots, rooftop entertainment area, and many others. You would need to pay a monthly fee for the use of these facilities, even if you do not, you would still have to pay. The cost would be shared by all those in the respective Condos with a few dollars placed in reserve for any major repair or maintenance.

The benefit would be that all these facilities would be at close proximity to you and just for an affordable monthly fee. You could just come down and enjoy all these facilities and more without stepping out of the Condo’s premises.

#3. Maintenance

Maintenance of the place you would choose to live is one of the most problematic areas that we would encounter. Especially when we have to coordinate with the respective workmen and ensure that the job is completed to our utmost satisfaction. This is a very difficult endeavor which most home owners encounter today. Living in a Condo would eliminate this issue as the management committee would ensure that the job is done without much hassle to you. If the problem is within your Condo you may have to bear the cost but the work would be completed satisfactorily as your problem could aggravate and cause inconvenience to others living in the other Condos.

This is a major benefit for all those who would have had to pull their hair out to get the maintenance guy just to call over.

#4. Security

Condos are generally designed with one in and one out. The main entrance would be under a security blanket 24x7 with guards ensuring that no unauthorized individuals enter the Condos. There would be a very strict entry requirement where prior permission would need to be granted to the person wanting to enter by the Condo owner.

No loitering within the compound would be allowed, which is a major benefit especially in today’s context where security has become a top priority for everybody. This facility would be included in the monthly fee that you would need to pay, for which if you are to employ a security guard to protect your individual property 24x7 it could cast you a handsome amount.

#5. Appreciation

There is a popular notion that appreciation in value of Condos in comparison to free hold houses are very much less. This may not be so, because there is a very high demand now for Condos and constructing them take generally longer than a free hold house. This delay or extended time frame in construction and completion brings lesser units into the real estate marketplace.

With the demand rising and lesser number of Condos being available to meet that demand the prices tend to rise and appreciation in values of Condos would also rise. There is a major catch point here and that would be, specific to each area where these Condos would be constructed.

Urban areas of most major cities that are growing due to increased economic activity would need to provide for its new prospective residents and when that demand is not adequately met the prices would tend to skyrocket. Buying a condo and buying a freehold home are two entirely two different issues and cater to two different market segments. It is just like the case of “what is good for the goose may not necessarily be good for the gander too”.

There is price appreciation in Condos but that would depend where you are planning to buy one and where you would live.