How is buying a condominium different than buying a house?
Detached single housing units and condos are two of the most popular living situations that aspiring homeowners can select from when they are searching for a real estate investment to put their money in. These two housing situations have different benefits and drawbacks such that the advantages of one seem to be the disadvantages of the other.
Homeowners at Park Grove will attest to the benefits that they enjoy in owning a condo that they would not have benefited from had they selected to purchase a detached housing unit.
A house is constructed on an individual parcel of land. The owner of the house has title and ownership of the land. A condo, on the other hand, is a single unit contained in a larger structure that has many other condos.
If you own a condo at Park Grove, then you own the individual unit you reside in but have to share the larger structure that also houses the individual condos. The parcel of land on which the complex has been constructed is communal property and so is the backyard space, front yard space, lawn, and other shared facilities.
Aspiring homeowners are almost guaranteed to pay less to own a condo at Park Grove than they would pay for a similarly classed house. One of the largest cost elements of a house is the value of the land on which the house is constructed. A single piece of land can only be used to construct a single house.
In the case of Park Grove complex, the same piece of land takes advantage of the vertical space and can be used to house multiple condominium units. So the value of the land on which a complex is constructed is distributed amongst the many units leading to some sort of subsidy in pricing.
Every asset, houses, and condominiums included, requires maintenance to sustain it at the standard that its occupants or owners need it to have for a good quality of life. When you buy a house, as the homeowner, you are 100% responsible for maintaining the exterior and interior of your house.
A house owner will be responsible for maintaining their lawns by mowing them. They will also be responsible for maintaining the exterior of the house and will have to undertake tasks like painting the house, cleaning gutters, shoveling snow, and even pruning trees.
A homeowner at Park Grove will not be responsible for the maintenance of any facilities exterior to their condo because these facilities are communal they are owned and maintained by the Homeowners Association. This frees up their time and financial obligations because the costs are distributed amongst many homeowners.
The land is a very scarce resource which is why it is more difficult to get the house of your dreams in the ideal location. It is easier to get the perfect condo in urban and suburban areas because they are densely packed and can house many units.
Developers are willing to invest heavily in high-value land because of the returns they expect from constructing complexes like Park Grove which will house many condominium units. So condos are often located closer to cities where homeowners would have access to a large number of amenities, cultural activities, shopping, entertainment, and job opportunities.
The views that a condo owner gets are far more spectacular than those available to a house owner. Condos are multi-level complexes and provide a high-elevation view of the area surrounding the complex. The spectacular panoramic view at Park Grove is just an example of the kind of view that a condo owner would enjoy.
Single housing units have the advantage of creating distance between neighbors and allowing individual homeowners a lot of privacy. They also have the advantage of owning individual backyard spaces. These spaces can be used for social functions such as barbecues and also provide adequate playground spaces for family events and children’s playgrounds.
For some people, the distance created by detached single-family homes can be construed as a form of isolation. For senior individuals or retirees, social contact is an important aspect of their lives. A resident at Park Grove will get a greater opportunity to co-mingle socially with other residents during their interactions at communal spaces like the swimming pools and the clubhouse.
Security in condominium complexes like Park Grove is centralized and managed effectively by the Homeowners Association. Security is considered a communal activity and is handled as such, the HOA will contract third parties to provide comprehensive security solutions incorporating CCTV and professional guards.
Such a comprehensive security solution definitely comes at a great cost. For the average homeowner residing in a single-family unit, they will typically default to a home alarm system. But a resident at a condominium complex has access to a better and more comprehensive security solution.
Access to state-of-the-art facilities
Developers of condominium complexes go the extra mile to woo potential homeowners. Condominium complexes will be equipped with state-of-the-art gymnasiums that incorporate both free weight and machines allowing residents to live a healthy and fit lifestyle at an affordable cost.
Other amenities like resort-level swimming pools and poolside recreation areas are almost standard in condominium complexes.
It goes without saying that only the wealthy of the wealthiest homeowners can afford to do this all on their own. So the typical single house owner will have to pay a subscription to a gym to have access to these facilities, and this involves an inconvenient commute to have access to these facilities.
In summary, there are a lot of benefits of owning a condo versus owning a detached house. Owning a condo also provides the owner with the chance to select a unit that meets their current space requirements. This is perfect for people who no longer need the large space that comes with a single house.