Buying A Condominium Unit – What Does This Mean For You?

Buying A Condominium Unit – What Does This Mean For You?

Buying a real estate property is a big decision and a huge investment. As it involves a huge sum of money, careful and thorough planning must be done before deciding on investing in real estate. Recently, condominiums have become a popular real estate choice for most people for a number of reasons.

Condominiums have been quite popular because it’s basically a middle ground between renting an apartment unit and getting a home. Additionally, most condominium developments, like the Piermont Grand(EC) Sumang Walk, are strategically located in prime parts of the city which is attractive for professionals and the working class.

The advantages of getting a condo unit

There are a few advantages condominiums have over traditional real estate properties. First and probably the most important is the price. Condo units are significantly cheaper the a fully built house, and though the size and land area difference is worlds apart, it’s a good starting point for those who wanted to invest in real estate but doesn’t have enough money for a home yet.

Getting a condo unit also entitles you for free access on all the development’s amenities which you would have paid for otherwise. Almost all condominium buildings have a swimming pool and a gym that is free to use for all property owners. Some may even feature some sort of sports area and various play courts

The Disadvantage of living in a condominium

Unfortunately, everything is not perfect. And even though condominiums sound like the best investment you can put your hard-earned money into, there are still advantages that come with owning a condo unit.

Condominium units tend to appreciate in value much slower than houses do. Though this can be quite volatile depending on the location, the general trend is those properties that stand on actual land appreciates much faster. Condo units, unfortunately, only allows you to own a certain area of are in an enclosure, which economically is the slower appreciating real estate property.

Being in a condominium also restricts you to a certain set of rules determined by the development or the property management office. Make sure to know the specific rules and regulations in a condominium development before deciding to buy one.

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