Things to Know Before You Buy a Condominium04 May 2015, Posted by Calicut Apartments in
Condominiums or condos as they are popularly called, is a concept that is less popular in India, especially in cities like Calicut. Among the regular ads like flats for sale in Calicut, of late, condos for sale have also started popping up. Here are a few things you need to know before you invest in a condo:
Know What a Condo is:
The term condo is an often misunderstood term, especially because it bears resemblance to other types of accommodations like apartments. Condo, in the legal sense, simply means a shared ownership of a real estate property which means, a condo can take any physical form, though the most common is in the form of a group of apartments. Condo living refers to community living. Condo means some parts of the property that are individually owned while there is joint ownership of other parts and facilities.
Know the Residents’ Association:
A residents’ association is a main feature of condo living. There are certain rules and regulations that are formulated and followed by all the residents. Before you buy a condo, it is important that you understand what kind of a community you will be living in. You can enquire about the charges decided by the association for maintenance and other facilities. It is also advisable to know your prospective neighbors. Condo living becomes a great idea if you have a community of similar people like people from the safe profession, same background, community of retirees, etc.
Does Condo Living Suit You:
Condos are highly recommended for people looking to spend their retired life. Also for people who would like to spend their vacations in a particular place, buying a condo is a better option than buying an individual single-family home, because they don’t have to worry about maintenance and other works around the home when they are away. In cities like Calicut, where there is a huge NRI population, condo living is a great proposition for NRI families who want to spend their vacation in their home town. Hence, condos are likely to become more popular in Calicut real estate in the future.
Cost of Ownership:
The purchase price alone is not the cost of ownership. You are required to spend more on yearly maintenances and other fees as decided by the association from time to time. Any development expenditure in the future will have to be shared by all the residents.
In addition to the above, you need to look into things that are common for buying any property namely the builder’s reputation, tract record, location, and legal compliances. It is recommended that you compare at least 5 similar projects rather than focusing on a single property. The comparison gives you more choice and helps you make a well-informed decision.Our prestigious project, the Riviera Grand, is a combination of apartments, duplex penthouses, sky villas, and condominiums. Contact us now to visit our model condominium and be prepared to be enthralled.