Should I Buy a Condo?
With the prices of single homes rising, most people are now turning to condominiums. The best part about these condos is that they are affordable, low-maintenance and secure. These are the reasons why people who prefer to buy XO Condos is increasing day-by-day.
When a condo is purchased by you, only a part of the multi-unit property belongs to you. This has various types of ownership. The owners usually take good care of their condos as they increase its value.
Advantages and Disadvantages of Owning a Condo
Capital appreciation is a major benefit of owning a condo. The other benefits include the availability of various types of amenities, equity, ownership, security, no rent increases, and easy financing.
Some of the disadvantages of owning a condo are lesser freedom, paying for things which you might never use, parking, people problems etc.
Common Element Fees
Common element fees must be paid. They are included in the declaration. The fee can vary according to the size of the XO Condos. Fee for common area, exterior, swimming pool, clubhouse, security and all the other additional amenities are included in the common element fees.
Reserve funds are set up to cover any unexpected expenses. It is an asset to the condo and the individual owner does not have any right to it.
Security is one of the most important factors to consider. The type of the security provided depends on the type of the XO Condos you own. The security features which are usually included are—CCTV surveillance, parking-security, intercom, lighting, balconies, alarms, mailboxes etc.
Parking and Storage Facilities
Parking and storage facilities cost will be covered in the common elements fee. If it is not, check how much parking and storage space is available and how to buy more space. The details will be in the condo declaration.
Quality of Construction
The things to consider are the materials used, the age of the building, the developer’s reputation, reserve fund, the cost of replacement etc.
Design and Layout
The size of your XO Condo should be an adequate living space for you and your family. The exterior changes you can make and the addition of solarium to the balcony are the factors you should consider.
Owner Occupied vs. Tenants
The rental policy and the number of owner-occupied and tenant occupied condominiums are the factors to be taken into consideration.
The company, which handles the project, should be a professional one and you must consider its success rate as well. The building’s maintenance and aura must fit your lifestyle.
A long list of rules and regulations will be provided to you when you ask your agent for restrictions. Go through this list thoroughly before making your final decision.
Consider the monthly cost involved, the taxes and the insurance before buying your condo.
Follow this guide, and make a wonderful path for yourself to buy an XO Condos of your dreams!