Currently, almost a quarter of home sales in these countries are condos. This shows that living in condos such as the wyatt condominiums has become an attractive housing option. This article shares the essential features of condos; the features that have made condos first-choice housing option for many people in the United States.
What are condos?
A condominium commonly referred to as a condo, is a housing development that consists of several homes that share exclusive features such as swimming pools, gymnasiums, security guard, just to mention a few. A condo is a residential property whereby, the apartment units are individually owned but common facilities and areas are shared.
What are the essential features of condos?
When we compare condos to other kinds of real estate properties, they are very outstanding and unique. Some of the features that make them different include;
As explained earlier, you are permitted to the enclosed space confined within the borders of the building, if you own a condo. These include playgrounds, in-unit washers and dryers, swimming pools, basements, club house, and other facilities that may be accessible from within the condominium. It is important to note that the land where the condo sits is considered common property. Condos are viewed as real estates, legally.
Maintenance and management fees
The owners of condos contribute towards maintenance and upkeep of their building. They cater for maintenance expenses such as repairs and garbage removal. They also contribute towards insurance and taxes.
In return, condo owners receive high-quality maintenance and management services. Most of the condos have all-day maintenance staff. The staff can regularly attend to all emergencies that occur. Condos also offer a well-lit and safe environment to live in.
A condo comes with a deed that shows your interest in the property, just like in houses. Besides, the deed can belong to two or more people who have an interest in the real estate. One acquires the deed when buying the condo and, can sell his or her condo at wish.
Affordability of condos
Condos are more affordable than family homes. In most cases, the cost per square feet of a family home is higher than that of a condo. Thus, condos can save a vast amount of dollars over an extended period. The maintenance of condos is also easy as the cost is shared among the condo community.
Though different condos come with different characteristics and features, the basic features of condos are highlighted above. It is advisable to scrutinize the CC&Rs document thoroughly before making a purchase decision to determine other binding features and characteristics of particular condos.