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.Condo

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.

However, in other real estate markets they have held their value as an investment despite economic downturns and problems with some homeowner’s associations. One basically pays a usually higher than the average rental rate, but this becomes the means of slowly paying for ownership of the condominium.

Condominiums can provide a stable, amenity-induced living experience at an affordable cost. You’ll want to make sure the association has their business in order, and that their rules align with your expectations of a living space. 1. Price and Appreciation: The price of a condominium is definitely higher than that of an apartment although you can find some expensive penthouse apartments too.

There’s never been a better time to “Wayfair my cat trees & condos”. In a condo, you’ll probably be a part of the condo community’s homeowners association (HOA). For instance, there may be rules against keeping trash outside of your front door, picking up pet waste, and not leaving personal items around the community.