When you decide to be interested in real estate, investment options are unlimited. However, for some people, there is an important choice to make: invest in a condominium or a small house? Of course, your financial ability will determine, but with the same budget, what should be chosen? Apart from that, if you really are interested in a good condo, we recommend you to buy a Riviere condo unit.
Why do we buy condos? What are the advantages and disadvantages of condominium units?
We bought a condo because it was easier! The acquisition process is simpler, funding too, and inspection too. There are fewer parameters to consider and the number of purchases is lower, making it a less stressful transaction.
After the owner, it’s also simpler management: we only have units to manage (paying mortgages, taxes, but no more). We can decide to get involved in our joint ownership, but that is a personal choice.
Another advantage is that it is possible to buy a brand new unit, which may please many of you! Only new materials, new public facilities, and sometimes you can have the luxury of having access, for example, to a swimming pool on the roof. Still good!
In short, a condo is synonymous with peace of mind.
But there are also “buts”. Living in shared ownership also means staying close to other people: You have to go through public space to get to your house, sometimes you hear traffic in the corridor or co-owners who are partying. It is also necessary to agree with other co-owners about the work to be planned, maintenance, use of provident funds. In short, the social beings we crave for! All co-owners will not have the same vision as you, and you must always be with them for the sake of the condo.
The most disturbing negative point is probably the fact that you have to pay a monthly fee in the form of a joint ownership fee. Part of these costs are for building insurance, maintenance, and other related costs, but part of this money will be used for emergency funds. And this money will not come back to you. This will serve to build funds in anticipation of important and urgent maintenance or repairs to joint ownership.