Condos — great for any phase of life

The effect of fast paced life of the modern society has compelled people of all ages and stages of life to choose condos as the best living option in urban areas as they provide amazing conveniences to the people living there. Various types of condos are available these days from which the buyers can choose as per their requirements.

In fact condos have become a happening incident in the urban areas all over the world since almost last two decades. People of all ages and from all stages of life including first time buyers to experienced seniors have changed their preferences to buy a condo instead of a single family house due to increasing popularity of condominium lifestyle.

The increasing demand of more innovative designs in living space the builders and developers of condominiums to change their creativity with time to satisfy the needs of their prospective buyers. Actually, the preferences of more mature buyers of a large living space have changed to buy condos instead of a large house due to a number of their appealing features like absence of worry for the maintenance of the property along with compact living space.

Moreover, today buying a condo is considered as an affordable choice to own a home in the urban area, especially for the first time buyers. People of all ages and stages of life enjoy a number of benefits while buying a condo along with their compact and suitable design, rich and rewarding lifestyle and gorgeous amenities under one roof. They can buy any type of condo ranging from a spacious place to live to penthouses to live a luxurious life, if you can afford to buy them. These condos literally offer something for the people of all ages and stages of life whether they are couples, single professionals, families with elders as well as children.

The other benefits that a condo can provide to the people of all stages and ages of life may include:

Restaurants, shops and other places of interest are available just at walking distance from the condos normally developed in urban areas

Some of the condo developers offer resort-like amenities like fitness centers and swimming pools to their buyers which is normally not available to the people living in luxurious living setups.

On the other hand people of all ages and stages of life having busy work schedule may find it convenient to buy a condo as they need not worry much about the maintenance of their living space.

Moreover they have to maintain only the interior of their living space as the external and structural maintenance is the responsibility of the association against the fee they have to pay every month along with the monthly installment of their mortgage.

The sense of security and community life is another benefit that attracts people from all stages and ages of life to buy a condo.

So if you are looking to buy a new home at a convenient and beautiful location then a condo can be the best choice of you, regardless of your age and stage of life.

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Why Choose a Condo vs a House – Pros & Cons

While buying a property it becomes confusing, especially for first time buyer, to choose between a condo and a traditional house. It is one of the most important decisions to be made while buying a property beside its location. They have to choose whether to buy a condominium offering only living space inside it along with some common area of the building to use or a house along with ownership of the land under it. They will have to consider various factors to make a wise decision in this regards along with the pros and cons of the housing spaces of both types. Some pros and cons of condos and single family houses are provided here under to give you the reasons of buying a condo instead of a house.

Pros of purchasing a house

The complete control on remodelling or making changes in house without seeking permission from anyone else is the main benefit of buying a single family house.

Availability of additional outdoor and indoor space to accommodate pets and children of the family is another benefit of buying a house.

The third benefit of buying a house is the availability of more storage space at the attic, basemen or closets etc.

And above all more privacy than a condo as neighbours cannot live in your close proximity.

Cons of buying house

The owner of a house is completely responsible for the inside as well as outside maintenance of the property along with upkeep and care of trees and yard, unlike in condo.

You will have to buy some additional tools and equipment for the maintenance of the house you want to purchase.

Though the maintenance of the house will increase its resale value and reputation but you will have to invest lots of time and money for this purpose.

The availability of additional space in a house than a condo also usually increases utility bills

Pros of buying a condo

The increasing demand of living in urban areas has encouraged buying condos than house during recent few years.

The condos normally developed in urban areas have restaurants, shops and the places of interest at their close proximity, just at walking distance.

Some of the establishments offering condos offer amenities like a resort including fitness centres and pools etc. which can be a costly affair for a house buyer.

Moreover e lifestyle of condos is more convenient for the people with busy work schedule as they need not care much about their maintenance.

The buyers of a condo has to care only for the interior of their living space as the fee paid to association covers up the cost of external maintenance along with the maintenance of structural components etc.

The condos provide a sense of safety and community which cannot be expected while buying a house

Cons of buying a condo

The association fee paid additional to the monthly mortgage for the maintenance of amenities and building is the main drawback of buying a condo

Certain rules and restriction linked with condos are not liked by many people

Thus after going through the pros and cons of buying a condo or a house you can easily decide to buy a condo better than a house due to today’s busy lifestyle.

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How to Sublet Your Condo (the Right Way)

Subletting your condo can be fraught with stress and worry because you’re giving a stranger the keys to your home. If you follow the best practices listed below, summarized in 4 easy steps, you can mitigate the risk of ending up in a very bad situation. The most important takeaway is not to forget that you’re letting a stranger into your home so you must conduct a thorough screening process of the potential subletter.

1. Get your landlord’s approval for the sublet.

You should take a look at your lease to see if it forbids subleases. That gives them tremendous bargaining power later because the tenant can use his/her knowledge that you’re breaking the terms of your lease to extort you.

2. Advertise your condo widely, but starting with those closest to you.

Subletting your home is a great way to bring in some income while you not living in your home. It is important to keep in mind that subletting is also a lot of work at times and takes some effort to find a suitable tenant. Their pre-existing relationship to you means that they’re more likely to treat you and your place with respect. Finding a law student to sublet likely meant that the subletter would be financially responsible and they likely had a reputation to keep up at school which meant they wouldn’t trash the place.

3. Conduct a Formal Screening of the Subletter

A formal screening of the subletter is a must. Even if the subletter pays rent up front, it’s important to know whether your subletter has a criminal or eviction record because that indicates the level of respect with which your tenant could treat your home while you’re away. When you sublet your apartment, you’re putting your reputation in the hands of your subletter so it’s of paramount importance that he/she can handle that level of responsibility. Even if it’s not worth your time to check the references up front, it’s important to have that information in the case that your tenant subsequently live up to his obligations. The references can be used to track down the tenant.

4. Negotiate a Sublet Agreement and Make Logistical Arrangements

After you’ve determined that the subletter passes muster, it’s time to reduce what you guys have discussed as the terms of your agreement into a formal document. Consider asking for a security deposit to cover any damage or unpaid rent which you would return upon the termination of the agreement.

Finally, make logistical arrangements for the subletter to move in. Make sure that your sublet agreement clearly states the monthly rent, the amount of the security deposit, and various policies before you finalize anything with a potential renter. You will want to verbally discuss these terms as well as have them in writing. Ensure you cover pet, smoking and utility policies as well as anything else that is pertinent to your particular property. You will want to make sure that both you and your prospective tenant are clear on all aspects of the rental and that everyone signs an agreement that clearly states all the terms and policies. If you do not own the property, it is important to get the landlord involved in the process as well.

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what to look for or watch out for in condo associations

Property management services are becoming more and more popular across the globe, and maybe no more so than in the condominium spectrum. Condo association management services can play a huge role in helping a community function well concerning relationships, rules, and regulations. They act to prevent problems from arising as well as work toward solutions if and when they do. There are varying levels of professionalism within these services, of course, as with any other business. Here are a few of the things to look for as you and your neighbors seek out a competent management service.

Accidents: How resourceful is the company you are considering for the job? Any good property management service will have plentiful resources in the case of contractor accidents. For example, if a lawn crew is going through the neighborhood and a rock flies out from underneath a mower hitting and breaking your window, what do you do? Battling this problem alone can prove to be a lost cause in many cases, as there can be denial and refusal to admit wrongdoing. However, with a condo association behind you, there is little chance of this happening. Compare it to going to court alone or with a seasoned lawyer. Management companies have been through these situations before and have the renter in mind, seeking reparations for you.

Infestation: More than just hiring an exterminator professional, experienced management companies are familiar with many different structures of homes and condos, and routinely do sweeps of their contracted neighborhoods. During these sweeps, they check for structural damage, commonly resulting from termite infestation. This may seem like a task for a different entity, but property management services must be well-versed in this phenomenon. If condos become infested, the entire structure is at risk of [eventual] collapse, drastically decreasing the value of any and all homes in the community. Maintaining upkeep and resident satisfaction are the goals of these services.

Experience: Experience doesn’t just come overnight. In fact, even if a company has been in business for years, it doesn’t mean it is ready for the tasks you’ve hired them to undertake. Consider a management company that has been in business for a long time, for example, twenty years. But they’ve only been managing one or two communities in roughly the same area. This means that they are most likely equipped to handle the same common problems over and over. But if a management company has branched out and has experience in other parts of the country, they can be up to the task of handling issues that are not regionally-specific. This can be especially beneficial in the case of condo management, as many people move in and out of condos, sometimes only using them as temporary residence until their homes are built.

Enforcing Covenants: Covenants, or laws of the community, are democratically created to ensure the safety and liberties of each condo owner. If there are infractions of these rules, it can be difficult to individually try and solve these issues, as it can cause problems in relationships which can spread like a disease in communities. By acting as the “Enforcer”, this can relieve the headaches of condo owners when situations arise.

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Should I Buy or Should I Rent?

Should I buy or rent? This is a question that many people ask themselves when they are thinking about moving into a new condo. When making this decision there are a number of factors you should consider so that you can make the choice that is right for you. Buying has it’s advantages as done renting, so make sure that you are certain what you want before you commit one way or the other. No matter which option you choose you will surely enjoy your new home if you decide that condo living is for you. There are many advantages to living in a condo and once you try them out you’ll probably agree that they are a far better option than most traditional homes.
Should I buy or rent? Well if you choose to buy then there are a lot of benefits that will prove to be very enticing. One of the main advantages of buying is that you will be able to live in a home of your own. This means that you can paint the walls, or remodel, or do just about anything else you want to your home. Since you are buying the property you can also enjoy knowing that you have put some stability in your life. You don’t have to worry about your rent going up since you have a mortgage. You also don’t have to worry about having to move out when your lease is up. Perhaps the biggest advantage to owning a condo is that you will be building equity. If you rent a condo for thirty years what do you have to show for it? Nothing, but if you are buying then after thirty years you will likely have a place to live free and clear for the rest of your life.
Should I buy or rent? With all of the benefits that come with owning a condo some people might wonder why you would ever choose to rent instead. Well when you rent there are a lot of benefits as well. When you rent you enjoy more flexibility and can move out within a short amount of time if you need to. If you find a new job and have to relocate then you can either break your lease, pay it off, or work out some kind of arrangement with your landlord. If you own the condo then you have to deal with selling it. When you lease you also enjoy the benefit of not having any financial responsibility when something breaks. Have a plumbing problem or electrical issue? Call your landlord so they can fix it.
Should I buy or rent? The answer to that question is going to depend upon what you want and what your goals are. Do you want stability and the ability to build equity in your home? If so then you should buy. Do you want flexibility and a lack of responsibility when something breaks? The renting is probably the right choice for you. No matter which choice you make you should take the time to weigh your options before making a final decision.

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