Once you make the decision to invest in real estate, you have to figure out the type of property you want to focus on. There is something to be said for condos. Unlike apartments, however, you own your private condo unit. Membership of a condo is obtained by buying the shares on the open market, most often through a real estate agent. It was soon learned that freehold flats were an unsatisfactory form of ownership because it was not possible to impose essential maintenance requirements.
You pay a monthly homeowners association (HOA) fee each month, on top of your mortgage, which goes toward the upkeep of the property, as well as future investments such as parking lot resurfacing or the addition of a dog park. Living in a condominium apartment is all about choosing a different lifestyle.
Condos and homes have both benefits and drawbacks for people about to retire. The condominium association budgets and determines the fees for all condominium units. General common elements are those that all owners in the condominium project can use. In both condos and apartments, you will have to pay a certain maintenance fee each month.
Real estate pundits have predicted that over the next ten years, the Greater Miami real estate market would witness the introduction of about 90 new, high-end, Miami condo buildings. These condos are generally one to three stories in height, though in some areas the building is a bit taller, up to six stories.
In the condo community itself, you’ll likely find luxurious amenities such as concierge services, garage parking, outdoor areas, a fitness center, and even an indoor or outdoor pool. In most states, this means that development is specially designated under the laws and regulations applied to condominiums.