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Should You Buy a House or a Condo?
A big debate these days is whether or not to buy a house, or buy a condo. Most of this debate comes from a lack of understanding about condos, and what they are. Hopefully, the following information will prove to be helpful. When Buying a condo, are you a tenant? No. That simply isn't true. When you buy a condo, you are buying a part of the corporation, and are thus an equal owner. It is true that you can be forced to move, if you are really disturbing the other owners, or causing problems. But this is true of residential homes as well. If your neighbors complain repeatedly about smell, health concerns, or criminal behavior, then you may be forced to move. The same holds true in condos and houses alike. The board can force you to pay thousands of dollars arbitrarily, and without notice. At first glance, this may appear to be true. But keep in mind that the condo association is made up of owners who have the same goal as you? Having a comfortable place to live that is building equity. The members of the condo association do not make any money from their positions. They are owners like yourself, who are volunteering their time. There can, however, be "special levy's" brought about by unexpected maintenance in the building. The same holds true of a house as well; the expenses just come from a different place. Ask anyone who owns a house how much it cost them for their last furnace. Or how much they spent repairing the water leak, and replacing the shingles. The advantage in a condo association is that you share these costs with the other owners, and are forced to save money in advance for these repairs, through the reserve fund. Condo fees cost too much each month! Again, not necessarily true. If you were to add up the amount of money that a family spends over 5 years on the maintenance of their house, you'll usually notice that it equals more than 5 years worth of condo fees. Also, many condo associations pay for their monthly expenses as a group. Heat, water, insurance, and maintenance are examples of such expenses. By purchasing as a group, they can often get these services at a lower rate than a single home owner can. I could never live in such close quarters That's probably true. Condos aren't for everyone. Every person has to make their own decision, based upon their own lifestyle; now and in the future. If you have 3 large dogs, 3.5 children, and 4 cars? a condo probably isn't for you. But, if you're a single young executive who works 80 hours a week, or you're retired and travel most of the year, then perhaps a condo is the right choice for you. Only you can make that decision, as it is a lifestyle choice. Here are some factors to consider in your decision. In fact, these are issues to consider on any home, not just a condominium. It's just as easy to get "bad" neighbors when you buy a house as it is when you buy a condo. The best advice that can be given is to research your choices, and be objective when choosing a home. My favorite example of this is as follows: "A friend of mine asked me to help him find a home. He's a single young man who travels 75% of the time for his job and is rarely at home. When he is home, all he wants to do is sleep and watch TV. He wanted to buy an acreage so that he could have privacy. After looking at the amount of continuous maintenance required for an acreage, he realized that acreage living wasn't for him. He's very happy in his apartment style condo." Make your own decisions, based upon what's best for you. If a condo is where you'll be happiest, then buy a condo. If a house is what's right for you, buy a house. About The Author John Carle & Sharon Gregresh are Realtors with Royal LePage - ArTeam in St. Albert, AB. They pride themselves on providing more than just real estate sales and listings. Their clients benefit from a much larger spectrum or real estate services. Contact them any time at information@workingtogether.ca or through their website at www.workingtogether.ca. They can be reached by phone at (780) 458-5595
MORE RESOURCES: Meet the real estate broker’s interns: an ambitious group willing to do anything, earn nothing and wake up early on a Sunday to fluff the couch cushions at open houses. In Manhattan, parking lots and garages are making way for all sorts of development, especially luxury condominiums. Gray Burton lives in a 250-square-foot space he furnished with antiques he’s been collecting for years. MacKenzie Thompson’s plan to buy a multifamily house in foreclosure did not pan out. She decided to buy a home in Westchester County. A photogenic Westchester suburb with high-profile residents is also known for its art museum and a performing arts center. A Ditmas Park co-op, Upper East Side co-op and an Upper West Side condo. A 10-year-old house with six bedrooms in Montvale, N.J., and a renovated four-bedroom in Bronxville, N.Y. Wealthy investors are wiring millions of dollars to New York to snatch up a piece of 157 West 57th Street - what will be New York City's tallest residential building, with 90 floors overlooking Central Park. An apartment at the Trump International Hotel and Tower, opposite Central Park, was bought anonymously through a limited liability company. The anchor of a proposed historic district will surely be a clutch of four mansions at Riverside Drive and 72nd Street. Success in challenging property taxes means not having to put as much money aside in the escrow account. Taking responsibility for a roof leak; a bank loan for capital repairs; lender says no to co-op sublet; next time, don’t forget the key. Summerview Square is a town-house-style apartment project going up in Norwalk after a previous developer walked away, leaving squalor in his wake. A drop in prices and low interest rates means many buyers on the Island can afford to wait. In Hudson County, developers are working on several projects that would add thousands of units in waterfront communities like Hoboken, Jersey City and Weehawken. A development in Austin, Tex., is an ambitious attempt to upend the conventions of the American subdivision. A town house in New Orleans, a penthouse in Baltimore and a ranch house in Washington. Housing prices continue to fall nationwide, with Atlanta earning the distinction as the weakest performer. The financial crunch has been felt in Aruba, but not severely enough to cause large numbers of foreclosures and short sales. A new law that allows businesses in Philadelphia’s Market East district to draw revenue from large digital signs has drawn attention from developers. With its concentration of pharmaceutical giants and academic powerhouses, the region could be a major center for life sciences businesses, developers say. The president of the New York Building Congress, which represents professionals in the construction industry, has been running the nonprofit association since 1994. A frenetic little industry has taken root in New York City based on finding and publicizing the once-and-future homes of just about anyone with name recognition. The plan for a business improvement district in SoHo would help with the trash problem, but some residents don’t want to cede more ground to tourists and real estate titans. A Ditmas Park co-op, Upper East Side co-op and an Upper West Side condo. A 10-year-old house with six bedrooms in Montvale, N.J., and a renovated four-bedroom in Bronxville, N.Y. Properties in New Orleans, Baltimore and Bellevue, Wash. You want them, you need them, and these power tools will pay for themselves. One man’s discovery of the vast powers of the drill. An abandoned log house with a sinister air, the Smith Mansion in Wyoming is the stuff of legend. Chris Hacker, the chief design officer at Johnson & Johnson, shops for hot water bottles that can come out from under the covers. Should I remove the family photos hanging on my wall before listing my apartment? An architect and an interior designer have created an online database of hazardous building materials. The handmade house, doughty and particular, is being celebrated in three new books. Beginning Friday, the NoLIta store Haus Interior will host Wood Shop, a pop-up store created by David Stark. Compare the cost of renting and buying equivalent homes. |
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