Saturday, February 26, 2011


Pros of Owning a Condo

•You have the choice of finding variable locations, space, sizes and condos with different architectural features.
•Financing facility available by showing the property as single family home
•Have the access to luxurious amenities such as spa, swimming pool, saunas, hot tubs, community centres and many more.
•Only an elected councilor has the power to managing the overall property.
•Individual Ownership and Substantial growth in equity.
•It is a less expensive option than single family home because of efficient land use.
•It can be your profitable investment venture.
•Low cost property option as repair and maintenance cost are shared.
•You can decorate the interiors of your condo unit, just the way you want it.
•It is an ideal property lying between the rental apartments and the single-family houses.
•The condo units give a smart living option to singles or couples; “empty nesters”.
•High security due to presence of neighbours in close proximity and also controlled entrances.
•Owners actively participate in the condominium development community programs and events such as, making of rules and regulations; byelaws; budgeting etc.
•High level of social activities and sense of neighbourhood community development is also there. This is because of the element of permanence.
•Problems peculiar to home ownership are overcome. These problems include repairing, maintenance costs etc. All this is now taken into the hands of a professional management company.
•Those belonging to middle income groups can easily buy such property.
•The owner has the natural way to take the ride in the real estate market.

Cons of Owning a Condo

•The quality of construction cannot be judged rightly.
•There is a possibility that the elected councils act in a biased manner.
•It might occur where the owner has to pay for those amenities, which is of least interest to him/her.
•The individuals who lack professional capabilities to handle them manage condominiums.
•The value of the property might not go as high as it goes in the case of single-family housing.
•Many of the owners of the condominium might not show interest in the council elections, and as the result same people are elected as councilors.
•Since the families in the condominiums are in close proximity, there are continuous source of disturbances available, which largely include, regular high volume parties; parking space; etc.
•Personal liberty may be constrained at times due to restrictions imposed in the bylaws and other local regulations.