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Condo Ownership Vs Individually Owned Home

65Traditional home ownership is that the land, the house built on it and the areas inside the owned land are owned by a homeowner. This obviously requires a large amount of investment. That is why people are tenants despite the desire to save a lot by buying a home. In addition to the feel of ownership, a large amount can be avoided in the name of rental charges. Though there are mortgage loans, the amount for an initial payment matters when it comes to buying an individual home. When looking for a condo one can have a detailed search in websites like to get a fair idea of how to buy the right condo that fits in the budget.

The statistical data in clearly shows that the permits of real estate projects have increased when compared to the last financial year. Thereby Condos have been the most sought of investment in recent days. The underlying advantage that makes buying a condo will be the best option is

A person has ownership of the unit, usually a single room enclosed space or multiple room enclosed space. The other areas outside that boundary of space are the common areas that are jointly owned by all the owners in the condo unit. This includes areas like ceilings, elevators, foundation, basements, installations, parking areas, clubs, gardens and amenities are shared among the owners. Owners are liable for real property taxes inclusive of the tax of the owned space and the interest in the common areas as a combined tax charge. Two associations, the condo and the owners association are developed at the establishment of the condos. Dues that a unit owner pays to the association may be in term basis (monthly, quarterly or annually). This due is the coverage of all the common area maintenance.

The financial twists make normal people compose the dream of owning a township to a shared community called condo. But Condos do serve the purpose rightly.

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