Things to Know About Condos

By: Randy Zlobec

When purchasing a condo there are some things that every potential buyer should explore before purchasing. Condos are quite different from living in a regular home and there are some restrictive measures that everyone should know about. These are kind of what makes a condo a condo and these kind of things apply to condos no mater where they are. But don't feel discouraged, condos have some fantastic assets that more than make up for a few rules and realities.

One thing that any owner will want to know about their building is the ratio of owners to renters. It could be that there is an extremely high number of renters in this particular building. If that does not bother you then no problem! Many condo owners who plan on living in their condo prefer to live in a building where there is a higher percentage of owners occupying the units. This is primarily due to the fact that owners will be more mindful of neighbors and keeping their unit in good repair than the average renter who does not have much invested in the building itself.

If you are used to living in a single family home then the community living arrangement can be quite the change. There is less privacy in a condo development but this also has it's good points. There is safety in being close to other people and in case of emergencies it can be quite appealing. Indeed many developments focus on the communal living aspect and include numerous common areas like health clubs, spas, meeting rooms and the like in their design.

One major difference between the modern condo and single family homes is the presence of a homeowners association and the CCR's that are present in many complexes. CCR's are basically a set of rules that apply to all residents of the complex. They can be pertaining to things like renting of units, upkeep of the unit, restrictions on changes that can be made especially affecting the outside or hallway (basically anything not inside the unit). CCR's are usually put into place to ensure that the communal property (the building) is looked after in a proper fashion and that the investments of the owners are being respected.

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