The 5 Disadvantages of condominiums

In the past condominiums were not necessarily a good investment for a number of reasons, but the situation has changed dramatically since then. I'm with the high price of single family homes, condominiums and houses attractive to many buyers as individual, couples who are downsizing to retirement and small families who want to acquire in excellent school districts. But for those home buyers only considered as a single familyDefinition of the owners, may not be familiar with what options are available in the form of study.

Condominiums are buildings in which individuals separately own ceiling air into the interior walls, floors and its unity, but their common interest in common areas, sharing, such as land, lobby, hallways, swimming pool, outdoor facilities and parking. While many have been designed to look like condominiums or apartments built in a city skyscraperThe buildings are more and more building owners and design them to be, as the row houses. The houses are usually attributed to one or more houses and can run the gamut from duplexes and triplexes communities with hundreds of homes

In addition to paying a mortgage, each owner to pay a monthly fee to the club house is usually referred to as the association's home, which is outside the unit owners. The fee includes maintenance, repairs, grounds keepingand buildings insurance.

Condominiums in the past suffered a negative image for many reasons, but the scene has changed dramatically since then. After the peak of homeowner or condominium associations have worked hard in recent years to clean up their negative image, which once were common disputes and grievances. associations of homeowners have to be smarter and more professional property management and have taken steps to avoid legal problems andDisputes happen before. However, there are some disadvantages to consider before buying.

1) monthly membership fee of homeowners

If it is an association of a house, you usually have a monthly pay separately from your mortgage payment. Many owners of this cost factor in the costs that they do it for someone to do lawn care and other maintenance incurred if it were a house property.However, you should look for unnecessarily high monthly charges and ask to see a copy of the budget of the homeowners association.

2) Less Privacy

There are also less privacy in a house. living together is not always desirable for some people and the noise level, living in close proximity to others can affect some customers simply look elsewhere generated. Usually the biggest concern for parking for owners andtheir guests. However, many condominiums designed with their own garages and have common parking for guests.

3) It can be very restrictive in the CCR

CCR or covenants, codes and restrictions are the laws that govern the use of the property defined. Most of the JRC are reasonable, but some can be very restrictive. There are usually limited to the type of road you can make changes or improvements to the property. You can alsoothers that prohibit or restrict pets and the renting or subletting of units. Make sure you get a copy of the CCR and write about them (they usually have a brochure and summary) before deciding to bid.

4) High Ratio tenant

Also, make sure where the owner-to-tenant ratio. Since many condominiums are often purchased as an investment, it could be a high percentage of tenants of the building. Although this trend will not change, especially inCondominiums that are located in urban areas where they provide convenient shopping to get access to transportation and other facilities by owners who want to live in their home.

5) the resale value

In some real estate markets like Las Vegas and Florida, the builders have overbuilt condos and town houses, and are sold at a loss. But in other housing markets have held their value as an investment despite economic downturns and problems withSome homeowners associations.

While some of these factors may discourage some buyers from purchasing condominiums, may be just the right investment for others because it fits the bag and lifestyle. Despite these drawbacks, the high price of single-family homes in some housing markets like California real estate market and the influx of more single homebuyers have made condos relatively hot national investments. A professional broker support, andperform in shows which are the best deals on the local market and the city.