DUBAI: Condominiums can provide a stable, amenity-induced living experience at an affordable cost, as defined by the financial literacy portal, smartasset.
For a number of people and families, condos offer a better option than a traditional home.
First off, it said, it’s important to know exactly what a condo is. Condos are individually sold units within a communal living complex. They often look just like apartment buildings. Unlike apartments, however, you own your private condo unit. All the common areas, like tennis courts, lounges or pools, are collectively owned by all the complex’s residents.
“Condos tend to be especially popular in spots with high property values, like big cities or popular vacation destinations. Condos can be a great option for potential homeowners who can’t quite afford a house but want to own some real estate. They also offer conveniences that might be difficult to afford individually, like the maintenance of a pool,” said the portal.
Purchasing a condo is like joining a business arrangement with all the other people who own condos in the building, smartasset said, adding that because of this, condos have their own homeowners associations.
“This body puts rules in place to maintain the upkeep of both the building and neighbor relationships. Each condo complex will have their own rules and restrictions. You should be well aware of those before you buy a condo and find you can’t live with their rules,” it said.
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