Purchasing
a new residence involves many issues and condos may be on your radar. Before
you buy, keep in mind there are disadvantages to condominium ownership.
Condominiums – Disadvantages
Condominiums
are simply a collection of units in a structure or structures. All property on
the interior of the unit is yours with few limitations. Everything outside of
the unit, however, is considered to be in the common areas and subject to
administration by the homeowners association for condominium communities. As
with any bureaucracy, this can lead to problems.
1. Parking – One of the biggest pet peeves
with condominiums is parking. While this may sound petty, it becomes a big
issue over time if a particular situation occurs. One would think a condominium
comes with assigned parking. In many developments, however, this simply isn’t
the case. Instead, parking is on a first come, first serve basis. Over time,
this situation can become extremely aggravating. With guests in the
neighborhood, you may eventually find it difficult to getting parking!
2. Restriction – Condominiums are all
about uniformity. If you prefer to express your individuality, the rules of a
condominium may drive you insane. Since people live close to each other in
condos, there has to be a number of rules to keep the peace. Many condominium
associations, however, seem to go overboard with rules and one can often feel
like a prisoner. You may be restricted from having pets, particular types of
material in your units, renting to others, making noise outside during certain
times and so on. Before taking the plunge on a condominium unit, you absolutely
must read the rules and regulations for the association.
3. Association Fees – Homeowners’ associations need money to keep the gardening up
and so on. As a unit owner, you are responsible for paying monthly homeowners’
association fees. Before taking the plunge, you need to make sure you
understand the current fees. You should also look back in time to see how much
the fee has risen over time. Paying an extra hundred bucks or so a month
probably will not kill you, but what if the monthly fee is Kshs. 45,000
shillings?
The
decision to purchase a condominium can be a complex one. While there are distinct
advantages, the devil is in the details. Make sure you understand what you are
getting into before taking the plunge.
Kindly visit www.kenyan-real-estate.com for
more exciting stories on Kenyan real estate sector.
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