Examining The Benefits Of Living In A Condominium

Condominiums, commonly known as condos, are a concept quite popular in the West, and the trend is fast picking up in Indian metropolitans. As they score better than apartment units on many parameters, more and more families, especially first-time homebuyers, are preferring condominiums to apartments.

So, what is a condo?

Going by the dictionary, a condominium is unit in a building complex that comprises individual residential units. It has to be noted that an apartment is different from a condo solely from the ownership point of view. While apartment units of a complex are owned a single entity, condo units are owned by individuals. However, they are generally managed by a condo community homeowner association.

PropGuide lists various benefits of the deal if you are planning to invest in a condo:

• Like we mentioned above, condos are quite popular among young, first-time home buyers. These buyers hardly have time to spare to indulge in maintaining the various facilities that come along with a high-end house. As a condo owner, your housing society will be responsible for maintaining everything. All you have to do is pay some form of periodic dues for the upkeep. Maintenance activities such as roof repair, painting, wood repair, road maintenance, landscaping, etc, are all taken care of by the housing society.

• As you enjoy community living as a condo owner, your chances of socialising, are great. While many of us harp too much on the privacy factor, the truth is that we are all social animals, and we do need friends and neighbours to share our life with. Do remember that while buying a house, one has to think long term. You may love your privacy when you are young; after retirement, you would surely enjoy an evening tea with your neighbour over a cup of tea.

• If you bought your own piece of land and built an individual house as you love your privacy, do not forget that you are solely responsible for the safety and security of your place. A condo provides you many things similar to an individual house. At the same time, it takes away many headaches involved with owning a private house. Not to mention the fact that they will be far more easy on your budget than an individual house. On the other hand, if you plan to rent the unit out at a later stage, you will be earning better monthly money than the owner of an apartment.

• Despite all the money and time that you might have spent in building an individual house, you will not be able to enjoy the high-end facilities such as a gymnasium, a swimming pool or segregated outdoor areas. We have to say that buyers of condos have the best-possible mix of all the worlds.