Most people get their own condo units for accessibility at work, school or just simply wanted to have a place to stay in the city if the owner lives in the provinces and travels a lot. Those planning part time residency in PV might favor condo ownership; they will be close to many of the restaurants, shopping areas, and activities, they will be able to turn the key and forget about it at the end of the “high season”, they will have an opportunity to generate rental income while away, their maintenance expenses will be minimal, and they will retain their permanent family residence back home.
For those planning full retirement in Paradise, a villa with staff might be the best choice; association fees are minimal, there are no neighbors or renters upstairs, value appreciation is most favorable, furniture and personal items can be shipped into Mexico making living conditions more similar to back home, and most importantly, the old house in the US or Canada can be liquidated, thus freeing up the capital for retirement and travel.
Grandfather Jose was bold enough to demolish a portion of the wall that separated both families’ condo units, and everyone reluctantly agreed to his idea of putting a doorway in, so that all would have central access to the impending grandchild’s nursery (in a valiant attempt to improve relations).
An apartment is a rental property that is usually owned (not just managed) by a property management company, located in a residential building, complex, or community – whatever the situation may be. In an apartment building, all of the units are the same, the owner is the same, and the tenants all follow the same guidelines for renting a unit in the complex.
If the parking garage in your development unexpectedly starts to crumble and there aren’t enough funds on hand to repair it, you â€” along with all of the other owners â€” must pay the increased condominium fees or a lump-sum payment to cover its repair.