Turnkey condo: A right option

There are various pros and cons of buying a condo. Many things are to be considered before you actually buy one. The most important thing to decide is that whether you need a big condo or a small condo. A condo is generally referred to as a small condo if it has 5 or more than 5 units. On the other hand, a big condo is the one which has 25 units or more than 25 units. Here are some factors that can help you decide if the condo that you are about to purchase, is a right for you.

  1.  The condo if professionally managed.
  2.  There are regular association meets, sometimes monthly, to discuss various things.
  3.  Generally maintains an official budget and draft for any maintenance work needed.
  4.  Definite set of rules and regulations are laid out along with fine structure.
  5.  Pets are not allowed in the common premises and areas such as assembly halls, meeting rooms and so on.
  6.  Turn-key use is permitted so that there is no need for full time residency with proper management.
  7.  Owner has about a 1/50th right in decision making, if it is a 50 unit condo complex.
  8.  It is not necessary for the individual owners to get to know the neighbors.
  9.  The condo has architecture with physical structure which is usually box type.
  10.Pools, elevators and club houses are present and available for the owners.

Here is a rundown of a few features of a condo that might turn out problematic if you purchase it.

  1.  Owner has about 1/3rd right in decision making, if it is a 3 unit condo complex.
  2.  There is no ‘Turnkey’ option. So, it is not possible for owners to stay away. He has to be involved throughout.
  3.  You will necessarily get to know your neighbors as the rule says so.
  4.  Professional management is very expensive.
  5.  Association meetings are held annually, depending on the situation. Normally meetings are held when any issue arises.
  6.  All documents and pro-forma are not up-to-date. Budgets are often not current as they are required to be.
  7.  Movement of pets is not restricted across the complex.

It is necessary that you consider all these points before making a purchase decision.

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