Search Realty Addresses the Common Misconceptions about Condo Ownership

Share Article

Search Realty takes a look at a new trend revealing how homebuyers are now opting for a condo over a single-family home and addresses some of the common misconceptions about condo ownership.

Search Realty

Search Realty

...buying a condo leads to less hassle in maintaining the property which frees up more time for the condo owner to do other things.

A new trend has begun to emerge that reveals that homebuyers are now opting for a condo over a single-family home. A condominium can provide a less expensive entry into the housing market and is also a low-maintenance downsizing option for seniors.

However, there are plenty of misconceptions about condominium ownership, which can deter potential home buyers from even considering them as a purchase option. Search Realty is an experienced and driven real estate brokerage and is quick to dispel some of the most common condo misconceptions.

A condo is like home ownership, but there are differences. When you buy a condo for sale, you do become a homeowner, but condo ownership involves shared ownership. The condo owner has every right to make changes to their unit, but doesn’t have the same freedom when it comes to common elements (i.e. lobby, pool, gym). Thus, a condo owner doesn’t have the same free rein as one would in a house.

Some other changes, such as plumbing and electrical, would also require viewing condominium rules, as some condos require the use of a qualified professional, and would not allow permission for changes to someone who plans a ‘do-it-yourself’ job. As well, there are portions of the actual unit purchased that are referred to as ‘common property’, which includes windows, patios and balconies. Thus, when it comes to common property within the unit itself, the condo owner doesn’t have free rein to make changes there as well.

With this shared property, the condo owner will undoubtedly have to pay condo fees, sometimes known as maintenance fees, which is used to maintain the property. And this condo fee applies, whether or not the condo owner actually even utilizes that shared property. For example, the condo owner may never step foot in the pool, but will still be required to pay condo fees, some of which will go towards pool maintenance.

This leads to another misconception, which is that some portion of these condo fees is basically money down the drain. After all, they are an additional expense, compared to owning a house, where no maintenance fees are required. However, these fees aren’t the unnecessary drain that people are led to believe. It is important to realize that what’s included in that condo fee are generally the building’s upkeep and maintenance, but may also include heat, water, sewer, and garbage collection. In a nutshell, those condo fees are simply paying to maintain that condo lifestyle that the condo owner desired in the first place.

Moreover, condo owners viewing an MLS listing shouldn’t look at condo fees as a waste, because owning a home isn’t necessarily a bargain when it comes to maintenance and upkeep. There are expenses that come with a house, pertaining to mowing the lawn, shoveling the snow, fixing the roof, etc. It’s important to note as well that where the money collected from condo fees is directed, is the responsibility of the condo board of directors. And this board is made up of owners just like the condo owner. Thus, no one is profiting from the condo fees associated with a condo.

Many of the misconceptions that prevent homebuyers from considering a condominium are mainly due to the potential homebuyer not fully understanding how condo ownership works and exactly what the condo owner is responsible for. In a single-family dwelling, owners will have more control, which can make expenditures easier to swallow and perhaps less noticeable. On the other end, buying a condo leads to less hassle in maintaining the property which frees up more time for the condo owner to do other things. When thinking about buying a condo, Search Realty points to the benefits, such as less upkeep, security, and amenities, which can sway the balance of a potential home buyer into choosing a condo over a single family home.

Search Realty Corp.,Brokerage is a real estate company utilizing the best tools and technology to serve the needs of today’s Home Buyers, Sellers and REALTORS®. Search Realty Corp. has quickly grown to 100+ websites, over 15,000 Unique Visitors per month and 135,000 Page Views per month.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Sterling Wong
Follow us on
Visit website