It seems that everyone is buying a condo these days. This way of living has never been so popular. Perhaps you are thinking about buying one? Here are a few questions you should ask yourself before you start your research.
Be as honest as possible with yourself and know the specific reason why you are considering to buy a condo. Are you looking for fewer responsibilities? Are you feeling a little lonely living in a single home and would rather live a collective life in a condo? Are you growing a little weaker as the years go by? Have you reached a moment in your life where you would prefer facing the unexpected in a team rather than alone or as a couple? Is it more cost-effective for you to sell your home and buy a condo instead? As a tenant, would you rather own a financial asset as quickly as possible? The more precise and candid the answers to these questions are, the more fruitful and short-lived your research will be. That is if ever you actually decide to make the move.
A condominium unit is similar to a house, but without the problems and responsibilities of a single home. At least, that is what the common belief is, but it is not entirely true. Yes, you will not have to think about doing any renovation work yourself or break your head finding a professional contractor. However, you cannot avoid the responsibilities that come with being a member of the condo association. You will have to attend meetings and vote on all major decisions. You have to consider this.
Living in a condo requires great adaptability, an attitude toward compromise, and a lot of patience. You will often have to make concessions. If you have a tendency to be rigid, you will have to think twice before making the move. Co-owners have already been sued over non-compliance with regulations. Only you know if you have the temper to become a co-owner.
Although you are aware that the living space in a condo is much smaller than in your house, how small are you willing to go? It would be a good idea to make an honest inventory of your needs.
Be prepared to fund services you will never use. On the other hand, others will contribute financially to the services you will benefit from and not them. This is one of the basic principles of co-ownership.
Will you choose a divided or undivided co-ownership property? There is a significant difference. Would you like to live in a building, a townhouse, a multiplex or another condo type? In addition, some condominiums are sold with the land it sits on.
Condo units are in such high demand because co-owners generally have an excellent quality of life. People are satisfied. Otherwise, this way of living would not be as popular. Especially since this type of dwelling has changed over the years.
Remember, it is in your best interest to know exactly what you want before you start your research. Know what you can and cannot tolerate. You will lose a bit of your independence living in a co-ownership property. All decisions are taken in groups. Keep this in mind.