Young real estate investors appreciate the benefits of condo real estate. There are various lofts for sale in the market. However, the misconceptions about condos can often discourage potential buyers from investing in them, and it is essential that investors learn about them.
1. Privacy issues
The truth is that walls divide condos. However, that does not mean that you cannot enjoy privacy. Developers are now offering fewer units per floor or per building so that residents have exclusivity and privacy. Besides, developers are also offering secure private areas such as balconies where residents can have their space. They are also developing new architectural details to ensure privacy.
2. Limited storage and living space
Most homes in the real estate market offer ample space for residents. The same applies to condos because condo developers have come up with several ways of offering additional storage and living space for condominium residents. For instance, buyers can opt for Toronto lofts for sale as a way of adding more storage space.
3. You feel boxed
If you think living in condos feels cramped and that you don’t enjoy the luxury of comfort and space, better think again. Most condos these days have been advanced to offer luxury living. You need to get a condominium that will leave you feeling at home. Most importantly, most condos are located in gated and exclusive village, so you can enjoy the luxury that comes with it.
4. You can’t personalize a condominium
Most people have this misconception that after buying a condominium, they cannot change its design or layout. They think that they are enslaved to the current design and layout. Well, that is not true. You can renovate your condominium as long as you do so within the standard building codes provided by the developer. You can play around with the furniture, house accessories, and light fixtures. However, there are restrictions concerning personalizing condos because some developers will not allow you to drill out holes. However, you need to own the house by customizing it.
5. Condos are only fit for single homebuyers
Condos are suitable for not only single homebuyers but also growing and starting families, young professionals who want to be independent, and retirees. You just need to get a condominium located in a suitable neighborhood depending on your preferences. Retirees can invest in condos especially if they want to downsize their living in regards to unit size.
6. The nightmare of association fees
Many people talk about paying association fees. However, the truth is that you have to pay for homeownership costs regardless of the property type. Association fees for condos are shared to retain employees who manage the property and to maintain common areas secured and manicured. You need to understand the association fees for the condominium you are buying because the fees vary.