Property management and maintenance or in simple terms, assuming the roles of a landlord or property owner can be one hell of a job. As much as every folk would want to own a home, apparently they are not always cut in for the managerial responsibilities given the tasks by which managing a property is characterized. For that, a condo, colloquial form of condominium is brought into play- it paves the way for you to eliminate all the hitches associated with managing a property.
What is a condo?
A colloquially shortened form of condominium, a condo is a building complex which contains several separate units with each unit sold to a an individual. It is a system of property ownership in the commercial real estate industry wherein a you can own a portion of a building which in the be all and end all is managed another group of individuals.
It takes the form of a mutual fund that draws capital from different individuals for a project which is collectively owned by those individuals. Property management delegation is a function of the collective decisions and agreement of all the individuals who owned the building complex.
In the real and construction industry, the system is groundbreaking and it is evolving pretty fast that unlike a few years back, condos are now built with detached or separate units a lot like an independent family apartment or homes. In contrast to lease where a tenant pays for the right to use a property for a given space of time, a condo is outrightly owned by an individual and management is delegated to some association of a community. Parking space, streets and yards, and exteriors are collectively owned, they are shared. Considering the principle of space management and analysis which labels yards, basements and streets as lost factors, sharing them is no big deal at all.
Reasons you might want go for a luxury condo
Live life like you should yet beat cost
Before going into details, you might wanna know about that a luxury condo is no unit that you would commit too much resources into for the fact that luxury isn’t used here in the context of the value for money. A luxury condo is one that has all the facilities to have you living life like you should. Living in such a unit is better experienced than imagined.
You needn’t worry about maintenance and repairs
If you cut in for the landlord stuff, that makes the two of us. It comes with several tasks at hand such as mowing, cleaning, hygiene and keeping a property green, painting, remodelling, fixing damaged roofs and other building parts. Major upgrade and renovation is characterized by heavy workload. For the most part, much time and energy is made to go under the drain. But going for a condo helps you shift all that responsibility to the association which after paying your maintenance fees, takes care of everything. This is economically significant for the fact that it helps you cut down expenses on buying materials such lawn mowers and other maintenance tools.
Of all the things you probably want when buying a property, security is likely to be number one on the list. Ain’t better security than the one implemented in condos. Cameras are installed in every part of the facility, security agents are called into play to guard and to protect property and lives. Other than that, your neighbour is also your security. The fact that you have neighbours around you guarantees security for you and your family.
These are just the tip of an iceberg- there are many more reasons to want own a condo that we couldn’t mention here. For more information visit South Florida luxury guide.