A condominium in itself is a great investment for the first time home buyer. Small condominiums of less than 10 units are not required by the act to have a reserve fund study completed by a person qualified to conduct these studies under the act. Even when the real estate market has been through its worst, the sale of condominiums in Naples, Florida has hardly dwindled.
They are owned in common with all other unit owners and are for their mutual use and enjoyment (for example, hallways, elevators, mechanical equipment, lawn and swimming pool). Apartments in a rental building are usually designed in the same way and have similar layouts, amenities, and decorations, while condos carry the owner’s personal taste and touch.
Condo owners often pay higher monthly maintenance fees, which go toward exterior and community space repairs. Before you buy a condo, look beyond the condo fees and the unit itself. Condominiums are governed by a set of rules called covenants, conditions and restrictions (CC & Rs).
The Condo Group Real Estate has evolved into the market leader in condo and townhouse sales in Victoria. In an apartment, you’ll likely pay your monthly rent (and any included utilities) on your apartment community’s online portal, or by check if you prefer. Common elements include the property remaining after the boundaries of the units have been defined.
The prices of condos are less than those of condo hotels. Some properties charge much more for common fees than others; it’s not standard across condominium developments. You will be feasting on an unlimited choice of condominiums catered to your personal preferences.