The condominium community living is different in comparison to living in a single-family or multi-family residential apartment or in a detached house. The condominium open houses are usually open for all types of people and you will come in contact with various types of people if you live in a condominium community. In a condominium, you may have to often meet first-time house buyers or property buyers looking for getting into the market, investors who would be flocking around for snapping up rental properties and many other people. Similarly, you can also find various types of condos around the places such as apartments, townhouses, low-rise buildings, freestanding houses, mixed-use building like condos above the storefronts or offices, duplexes or triplexes etc. The condominiums can be also brand new or re-sell buildings or even converted such as building which was used for the purposes of factories or apartments later turned into condominiums etc. Get in touch with Louis 14in order to ensure the best condo and the best condominium that will be suitable for your condominium community living.
The basic difference between a condominium and a single or multiple-family residential property or a detached house or even purchasing of a land is that in purchasing a condominium you own a condo individually or you get an individual ownership of a condo as well as you also own common properties like land, amenities, entire building and other common areas in a condominium. You share various costs with the community or with the fellow member unitholders of the HOA along with the management and office bearers and given an opportunity you can also be chosen to carry out any responsibility for the community or become one of the elected office bearers and take part in the decision making.
One of the biggest advantages, as considered by many, is the freedom from the responsibilities of maintenance. You may not have the desire, or time, or ability to take up necessary maintenance activities such as mowing the lawn, shovelling snow, or repairing or remodelling the outside structure etc. which are normally taken care by the elected management and the entire cost is covered in the monthly condo fees. In most condominiums, a portion of the condo fee goes to the reserve fund which is spent for major repairs such as repair of windows and roofing etc. which saves the owners from additional expenses. In the case shortage in reserve fund, usually the HOA does a special assessment and additional costs are shared among the community members.