The conceptualization of small housing options more commonly called as condominiums today have become an alternative for people seeking home to their lives. While space may be an issue, the presence of other amenities for use such as swimming pools and other recreation areas have become consolations for this new type of living scheme. But altogether, the rapid change of times and congested areas where potential housing structures can be placed have led to this alternative conceptualization.
The Traditional Housing of Families
Most people have been accustomed to the traditional means of living and owning homes that fall into the notable declaration of assets of individuals. Land and home ownership fall into this category and are notable not only for financial aid borrowings but also as far as passing the entire worth of the assets for the next generation family members.
Houses built specifically for families regardless of size offer a more convenient setup since as far as privacy, space allocation and identification, these factors can be readily appreciated. But at the high rates of owning a land to act as the foundation of masterfully built homes and estates, people have been slowly directed towards considering condominiums as an alternative investment consideration today.
In a manner of speaking, condominium locations are also dependent on location, a factor that dictates the going rate for such properties where the culture and land value helps in determining the investment proceedings for ownership towards such.
Condominium investments, often referred by the elderly as a “shoe box”, will have its share of positive and negative feedbacks. Space allocation will be a key factor in the determination of price since the larger the allocation area, the higher the possibility of cash-out to own one. A condominium may be purchased, but as far as land is concerned, it shall be for the account of the land owners to where the condominium is standing on. The best alternative is to have the whole unit insured so that in cases of fortuitous events, a person would be left with something of value in these extreme cases.
Dues, Amenities and other Expenses
To be insured of continued maintenance and security of the entire building, there are condo dues that are scheduled on a monthly basis. These are important in the sense that to uphold the entire ambiance, image and upkeep, certain amounts need to be allocated for such to be sure that they can be maintained for the people who would reside in these said condominium units. Take note that these dues are different from the usual utilities that every home needs to be settled as well.
Compared to the family owned houses, this is one thing that may draw the ire of most condominium investors. Additional expenses of such are only normal considering that no one would want to live or be situated in dilapidated areas or buildings for that matter.
Limited Choices for Immediate Sheltering Issues
True that dream homes now would need practically a large amount of investment to procure. This is precisely the target that condominiums have focused on, not to mention the continuous lack of land areas due to the ever increasing population in most areas today. There would be areas available in the country sides, but considering the rising number of people who want the urban style of living as well as easy access to their offices, the immediate priority of most is that of living in the urbanized areas.
There are a lot of options available for families to consider and depending on the size of the household, condominiums have so far been the only alternative for people who are unable to secure estate ownership in their desired areas. Condominiums can accommodate such, but considering the amount needed to purchase one, most would be dismayed at the fact that the limitations provided by such would be something that may keep them from making a final decision. An actual house ownership is still the ideal way for most people, but given the options available at the moment, many have bitten the options given by the rise of condominiums today.
Karen Rhodes is a lifelong resident of the Chattanooga area and is a successful REALTOR®. Visit http://www.ChattanoogaRealEstateToday.com for more information on Chattanooga and its surrounding areas.