Purchasing a home is a major decision. There are certain things to consider, such as neighborhood, space, style, design, location and cost. A Westmount condo or condominium is an option for buyers who want a low maintenance property.
People who buy a condominium are buying the home unit with a percentage of the common areas related to the property. There are also different types of townhomes. The common areas for an apartment style condominium consist of laundry facilities, lobby areas, stair wells, hallways, exterior building and other areas within the building.
The upkeep of the property is the responsibility of the home owner’s association or property manager. However, the cost of maintenance is the responsibility of the tenants. Townhouse owners have to pay association dues every month. This money goes towards maintaining the property.
Many people choose to purchase a condo because it is more affordable. Buyers also do not have to take total responsibility for a piece of property, but shares the responsibility with other tenants. If a large improvement has to be made, then the cost is shared with a group instead of an individual. It also may be more affordable to purchase a town home when wanting to move to a prime location in your city.
There are tax advantages available to condominium owners, which leads to building equity. Owners can write off certain expenses and get tax breaks for depreciation. Many town house buyers consider buying this type of housing to be less stressful than a traditional house. Repairs and landscape services are handled by outside companies. It alleviates the burden of paying for repairs and having money on hand.
The home owners association is another concern. This group looks over the property and make sure it is maintained. They are also responsible for making sure that tenants pay their fees. Tenants have to pay the monthly fee regardless if they use all of the amenities. Everyone has to contribute towards new additions and repairs. If the association decides to add a playground to the property, then tenants without children still have to pay for the project.
The HOA can be frustrating for some tenants because of the limitations. They may have restrictions on in home businesses and pets. Tenants are also limited when it comes to decorating. The association wants the units to appear similar and could have a problem with painting or changes to the carpet.
Many people choose condominiums because of the amenities. Buyers want to pay attention to the features when going to see a property. The preferred amenities are going to be different for each type of tenant. For example, families may want a playground, pool and game room. Singles could want a gym, storage space and adequate parking.
Apartment living is an option for people who do not want the responsibility of maintaining a large yard. People with busy lifestyles do not have time to cut grass on the weekends. Buying a Westmount condo is the best choice for someone who wants to be a homeowner without the extra responsibility.