There are plenty of perks to owning your own condo. Along with opening up the opportunity for a wise investment, purchasing a condominium also provides the opportunities for close-knit communities and incredible freedom.
See for yourself why condo living is so hard to beat.
What Condo Communities are Like
When you purchase a condo, you are investing not only in an individual unit but also a terrific community.
Condo homeowner associations, in particular, provide residents with a phenomenal opportunity to get to know the neighbors. Every unit owner is an automatic member of this association and therefore is invited to attend regular meetings to discuss community matters and get to know one another.
Community amenities also open the door for residents to cross paths. Many condos feature common spaces, such as fitness centers, pools, and resident lounges, which are open to any unit-owner or renter.
What you Have Control Over in a Condo
Overall, residents have a high level of control over their condo if they are the owners of their unit.
As long as unit owners abide by the rules set in place by their homeowner association, owners tend to have a fair amount of control over their interior unit. This involves the ability for owners to customize their space and manage renovation projects.
The HOA is then responsible for managing the exterior and common elements of the unit, such as hallways and lobbies.
How Condos Provide More Freedom Than Apartments
Apartment residents lease their units from a company or person, which significantly restricts the freedom one has when it comes to what they are allowed to do within their home.
Apartment companies tend to implement stricter regulations, leaving residents with a lot less opportunity for personalization within their units. The company has the final say in most of the renovation and design decisions and often tend to feature more uniform apartment units.
Apartment companies also realize that renters may be less inclined to take care of their units because it is not legally their property. Most buildings will enforce fines or penalties if rules are broken or ignored to encourage residents to maintain their leased units.
Condos, on the other hand, are independently owned, giving unit-owners much more independence. The only rules that condo owners are required to follow are those set in place by the homeowners association through the codes, covenants, and restrictions (CC&Rs), which can be found in the governing documents.
While some of these rules pertain to the interior units, they tend to be less restrictive than those set in place by apartment buildings. Also, since the members of condo HOA’s are the residents themselves, the rules are agreed up and set in place to protect the curb appeal of the community and maintain property value.
Condo living opens the door to great community and freedom! Start your hunt today and become an owner of your own condominium.