In these days of less amount of accommodation availability people often seemed to be interested in joint accommodation systems. Of course, five years back apartments were more popular and condos are yet to catch on to the popularity of an apartment. The issue is primarily how property areas are defined and the ability to own individual units. Co-op shareholders and condo unit owners: please tell your board or managing agent if the unit is your primary residence so that you can receive the abatement.
Typically, HOAs take responsibility for common elements but require that owners maintain the limited common elements that are connected to their unit. This did not create a significant problem until the 1950s, when “flats” (where ownership is divided horizontally) first began to appear on the market as more affordable particularly for first-time buyers.
If you do not feel comfortable living in condominium rules and restrictions, and in close proximity to others, then a condominium is probably not the place for you. That’s never the case with apartments since, as we mentioned before, they are owned and managed as an entire building or community.
Many building are now becoming afflicted with a condition called ‘Sick Building Syndrome,’ including Condos. Also known as “exclusive use common elements,” limited common elements are portions of the common property that are designated for the sole use of 1 or more unit owners (for example, balconies, patios, parking (in some cases) and storage lockers).
Condos also come with a great built-in opportunity for a resident’s social life. One benefit of waterfront condominium living is the overall visual aesthetic. Of course condominiums come with the added benefit of a host of amenities and facilities. What makes the condos a good choice, especially for the beginner in Real Estate Investment is their popularity and those HOA’s.