Things To Know Before You Buy A Condo
With interest rates on the rise, the outlook of the Cambridge condo market is not so bright. Technically, a condominium is a collection of individual home units and common areas along with the land upon which they sit. Even though it’s not wise to choose a building with a large number of renters, Meyer said it’s also important to avoid a building that prohibits owners from renting out their units should they wish to do so.
Every tenant reports to the same property manager, who can typically be found in the leasing office with employed leasing agents (to assist current residents and lease other units) at the front of the community or within the complex. A: Well, when you buy an ownership interest in a condominium, you need to understand that you are giving up a significant number of rights you would otherwise have if you bought a traditional house.…