Purchasing a condo when it’s in the pre-construction period might seem a little too hasty. Common elements rules are simply rules for the use of the common elements (for example, the number of guests you can have in the pool, at what time and on what days). These units might be rented yearly, like an apartment, or they might be rented out weekly for vacations.
4. Investment perspective: From an investment perspective both condos and apartments are considered to be great. Most condos are well-cared after, sometimes showcasing exquisite designs, modern appliances, and high-end finishes. Another important aspect is that most apartments cater to a middle-class income group while condos can vary from middle-class to high-class income group.
You must also keep the condo maintenance fees in mind. Unlike an apartment, however, condo owners pay monthly dues to keep these amenities operating and in good condition. In order to manage the maintenance and repair of common areas shared, each condominium development has a condominium association, also known as a unit owners association.
The ownership of apartment buildings is completely different. I stay connected with my friends and activities when living in my current home – People often think that their activities and close connections will be sacrificed if they move to a senior community.
That’s why we’re more than 3 times faster at selling condos and townhouses. Many homebuyers are drawn to condo ownership by the simplicity and convenience of living in a building where most upkeep is handled by a maintenance staff. For example, many loft-style condominiums are converted from former commercial or industrial buildings.