Finally your own apartment this is what many think when they buy a condominium. A clear advantage of the condominium over the rental apartment is that you can redesign and expand your home according to your preferences. You alone determine how your home is changed. Depending on the location, a chinatown condos for sale is also an excellent capital investment and serves as a retirement provision. As a tenant, you are dependent on your landlord and increase your rent with your rent.
Nonetheless, there are also some disadvantages when you buy a condominium: You are less flexible when you want to move and the administrative and administrative costs are far higher for a condominium than for a rental apartment. You are responsible for all repairs and renovations in your condominium, whereas a lot is covered for rental apartments. If you have your own apartment, you get cost estimates yourself, hire the craftsman of your choice and check the billing after the service has been completed. As a tenant, your effort is mostly limited to contacting the landlord or the administration. The rest of the work will be initiated by the above-mentioned authorities.
Community of owners
In the case of a condominium, you share the land surrounding the building with the rest of the tenants. So if you want to renovate common parts of the building, you need the consent of the owners’ meeting. This also applies if you own a condominium and want to renovate a part of the building that only you are allowed to use.
Also note that you can influence the construction projects of other owners and that this can lead to conflicts. You may also be confronted with questions on a regular basis, for example relating to a defective roof, the parking spaces, the garden, the community requirements or the wishes and demands of the neighbors.