Real Estate Info

A condo is basically an apartment/flat owned by the occupier himself. The only difference between a condominium and apartment is probably the type of ownership; otherwise they’re both the same. Condominiums are owned by separate owners, while there are some commonly owned facilities like electric lifts, swimming pool, cooling system or car parking in the building. A condominium complex usually consists of many housing units and it is a norm in large metropolitans where residential land is scarce as compared to the inhabitants and their accommodation requirements.

A condominium is a very good choice for anybody who is looking for a house at considerably low rates as compared to separate housing units. Along with a place to live, you get the facilities like swimming pool, security and elevators. Not for free though as you’d have to pay a small fee irrespective of the actual usage or how much you need them (something you must consider when purchasing a condominium). Therefore the first thing must be to make a list of your requirements and then get yourself to search for a condominium building with the appropriate amenities. For example, if you are not really a fitness freak then probably you shouldn’t be paying for a modern gym in the building. If a residence is all you’re looking for, then you must search for a complex with minimum facilities like car parking and cooling system, etc.

Coming to the price factor, it’s particularly hard to decide the right price for a condominium. You can always take an expert advice (from some real estate agent or someone from your social circle). You can also take a look at the selling prices of the condominiums recently sold in the adjoining areas, and compare them with the prices in past to see if the prices are stable or increasing. Try not to buy a condominium at a time when prices seems to be going through an unnatural boost (also known as real estate bubble) because sooner or later these prices will decline sharply.

Another important thing is to do some research on the role and behavior of home owners association. Visit the complex yourself and ask the inhabitants about their experience, especially the issues they have to face so far regarding maintenance or other restrictions. Ask them if they had to pay some amount as “special assessment”. Last but not the least; do check all of the required documents to make sure that you are not dealing with some fraudulent party.

Source:
Dubai Property

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