Are Condos A Good Investment?
In case you have not been paying a lot of attention to the real estate market lately, there are some changes afoot. In some condominiums, the common elements begin at the exterior wall of the individual units. Instead, apartment buildings typically have one owner, most likely a corporation, with units leased to individual tenants. Once the thorn in homeowner’s sides, condominium associations have worked hard in recent years to clean up their negative image where disputes and lawsuits were once rampant.
The condominium map for the project will depict the exact physical location of the unit – where in the condominium building the unit is located, and where the boundaries of the unit are drawn. The Condominium Property Amendment Act was passed in December 2014.
Make sure you understand the financial health of the building and condo association, the rules, regulations and culture, to ensure you are making a sound …