Examining the Cons of Buying a Condo
A condominium is more like an apartment is personally own. So the question now is – what is not to love? Nonetheless, like every other thing in life, there are cons likewise are their pros to buying a condominium. Right before you go ahead and put your signature on the dotted line for the twin vew condo, it is vital that you weigh these important factors, below are some of the cons that you can think about:
- Homeowners Association Fees.
When you acquire a condominium, indirectly you become a business partner in the community. You will be demanded to pay a monthly fee, in addition to your mortgage. The monthly fee meets the need of the upkeep of the property with future investments (for instance a dog run or a playground addition).
- Lack of Privacy.
There may definitely be neighbors on the other side of the wall, and the neighbors will be going down and up the grounds or hall at all hours of the night and day. If you are looking out for some peace, it is important you are aware of the fact that this may not be ideal for you.
Over the years, condominiums have been hit hard by the recession. There are many people struggling to make sure that end meet, and there are condominium owners that are defaulting their association dues. So what actually happens in this case? The dues tend to go higher for the other owners, just so that they can cover up for the defaulter. This implies that you are stuck with holding the short of the stick.