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What is a "Condo" in the USA?

20 March, 2018

For the uninitiated, a Condominium or Condo is something of a hybrid between an apartment and a single family home. Like any other property, you purchase a condo and own its title outright.

With fewer worries, many people agree that purchasing and owning a condo is easier than owning a single family home or similar real estate and requires less time and attention. Unlike an apartment a condo is not just a unique unit; owning a condo means owning a percentage interest in the common areas of the community in which it is located; such as the roofs, communal areas, gardens and building exterior, all of which are maintained by the Condominium Association, otherwise known as the Home Owners Association (HOA), to which each condo owner contributes a fixed monetary amount monthly.

A condominium purchase is both ideal for First-Time Homebuyers who want independent living with manageable maintenance and Investors who require hassle free ownership with minimal involvement. Condos ordinarily, but certainly not always, are smaller and less expensive than a single family residences, condos often include amenities such as gated entry, swimming pools, tennis courts and gymnasiums, attractive for property-owners and renters for an abundance of reasons.

Advantages of Condo Purchases:

  • Affordability.  Lower entry prices, ideal for first-time holiday home buyers and investors wishing to split capital allocation across multiple locations or communities.
     
  • Amenities.  May include being a gated residence, covered parking, swimming pools, Jacuzzi, BBQ areas, gym or fitness facilities, communal gardens and other recreational activities.
     
  • Maintenance.  The responsibility of the Condominium Association, undoubtedly the biggest advantage of condo-ownership is that other people do the maintenance for you. They cut the grass and maintain the pools, they fix the roof, and are there to maintain the community to a standard whereby value is retained or increased.
     
  • Security.  Many condos offer gated or locked entries, door-men, CCTV, or even onsite-security professionals. When living in close proximity with many other residents; in an emergency, you will have plenty of people to turn to for help, something many renters with families, who are single, or elderly all look for.
     
  • Profitability. Condominium Communities most often run at high levels of occupancy due to the facilities and security offered. With many costs taken care of by the Association, owners of condos have the reassurance that extraordinary costs will not be incurred as sometimes similar with single family dwellings, all of which results in hands-off investing with regular profitability.

Throughout Florida and across the United States of America, OPISAS have concentrated a large part of their long standing business around the concept of Condominium living, offering properties in a host of fantastic locations ideally suited for International investors looking to take advantages of the favourable conditions afforded by Condo Communities.  Properties personally owned are renovated and all conveyed on with qualified tenants allowing YOU the Investor to concentrate on you daily lives. For the full range of Condo properties available visit www.opisas.com or email info@opisas.com for further information.


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