This is a collaborative post by Julia Martin about common misconceptions of condo living.
Condo living may have made a big comeback in recent years, but people are still unclear on how condo living works.
Investing in a condominium might be a wise real estate move, for both homeowners and potential buyers. However, with the misconceptions floating around about condos, some people are deterred from investing in these types of homes.
Here are some of the most common misconceptions surrounding living in a condo.
6 Common Misconceptions about Living in a Condo
Condos have too little privacy
Even though there are walls that separate one condo unit from the other, condo dwellers can still enjoy a certain level of privacy. Newer condo buildings offer fewer units on each building floor, reducing the number of neighbors per floor.
Condominiums do not have enough space
Condo developers have come up with ways to ensure that condo dwellers have enough space for them to live and store their belongings comfortably. As an example, condo developers have implemented a way of renting or selling out extra space for storage.
There is little allowance for personalization in a condo
Condo owners do have to get management’s permission to install new accessories and design their homes. However, this does not mean that additional design is completely ruled out. This is not true, as homeowners can renovate the design and layout of their condo units to suit their tastes, as long as the renovations carried out are within the building and management codes. House accessories, lights, and furniture are some of the things that can be personalized. But, there are tighter restrictions with holes and more intense condo personalizing. Before taking any customization steps, you will need to find out management laws and ensure you are not in violation of any.
Condos are not for anyone other than singles homebuyers
Condos are commonly misconceived as being suitable for single homebuyers, but this is not true. Young families, growing families, and even retirees are all compatible with condo living. All the homebuyers need to do is to make sure that the condominium is well suited to their needs and preference. Things to consider will include safety, access to facilities like schools, supermarkets, and restaurants. Also, a condo investment for retirees is perfect if they want to reduce the money spent on home maintenance.
Homeowner Association Fees are a Nightmare for Condos
Although homeowner association fees are a bit scary for condo dwellers, a factor to consider is that regardless of the property you invest in, you will still be expected to pay some form of homeownership fees. The fees paid by condo dwellers go into the maintenance of the property and payment of staff that does this maintenance.
Condo Units allow for leasing out
Some state rules do not allow leases that run for less than 6 months in condos. So, if you plan to temporarily lease out your unit while on vacation, then you might be breaking some legal rules. It is important to find out exactly where your state and area stands in terms of temporary leases before buying a condo, or advertising for renters.
Weighing the benefits against the disadvantages of owning a condo is essential before making a move in that area. Condos can prove to be a very smart real estate move. Although there are false impressions surrounding condo ownership, there are still enough benefits to really give it a thought. If you want to invest in a condo in 2019 in Los Angeles, then you can look for real estate agents in Los Angeles to help you find the best condo deals. If you are more specifically from a small city like Brentwood, then you can try to find some Brentwood real estate agents. Condos are the new trend in real estate in popular cities around the world.