The condominium is a new trend in the housing industry. It is a separate unit in an apartment owned by an individual. The areas such as garages, pools, elevators, gyms, and outside hallways are shared among the residents. The high-rise buildings are known to comprise condos. However, one can find detached condos in specific markets too. An association of homeowners manages the shared areas and oversees conditions, covenants, and restrictions (CC&Rs) applicable to the property. The concept of an individual entity is undoubtedly exciting, and one must check out the new condo near Lentor MRT to obtain attached benefits.
Pros and Cons
Every innovation carries a moderate number of advantages and disadvantages. Similarly, the condo asset has the below.
- Community fun
- Public transport
Relaxations sections such as pools gyms can be a fun ride due to the participation of co-owners of the building. The homeowner association takes care of the repairs and related activities of garages elevators, which means one need not take the whole burden on themselves.
Condo is the best choice for people who dislike working hours on home maintenance. A mid-size asset allows the owners to travel and explore places instead of improving the existing shelter.
The house-piece comes at a reasonable price which means it is comparatively cheaper to a townhouse or renting an apartment in a cosmopolitan city.
Most complexes and buildings own patios, kitchens, or rooftops. These communal places help in building relations among the residents. Also, events such as movie nights, wine tastings, game nights, cookouts enrich life with healthy social interactions.
A few residential assets are located next to the transportation stations making it easier to travel. Adding to it, a particular portion of the condo industry has entertainment spaces within a lower radius which allow people to walk in whenever they want to have fun.
- Lack of privacy
- Less space
Lack of privacy:
People who are not running neighbors now and then may find condos less comfortable because many residents are around.
As discussed earlier, homeowners have an association for the maintenance of amenities. The assigned board takes care of the repairs and other related activities; however, a monthly fee has to be paid to them for future developments and upkeeping.
The management will set rules to be followed by every resident living in the community. The rules are to ensure the security and welfare of the people; however, they can be frustrating.
People who love to enjoy outdoor weather and an independent lifestyle may experience discomfort. The good thing is most condos have nearby parks or playgrounds to release stress.
Ownership of a home is still a dream for a few; a condo with multiple disadvantages and negligible drawbacks can be the right choice for such dreamers. Purchase of a new condo near Lentor MRT is of great value; however, prior consideration of personal goals is mandatory for a happy living.