By: HBA
CONDO-MINIMUM - the plain truthAre you buying a condominium? Here is a guide to help you understand the commitments better so that you know what you are buying into.
There are many reasons why people make their homes in condominiums. Some do it because their children have grown up and moved out, and their homes are now too large. Others consider it because it is cheaper to buy a unit in a condo rather than a landed property in the location they want.
The sharing of maintenance and repair responsibilities may also appeal to people who have limited time, or are not interested in such chores, as well as those who want recreational facilities at their doorsteps. Thus, when you buy a condo, you are buying into a certain lifestyle, complete with requisite facilities and services such as security, cleaning of common areas, swimming pools, multi-purpose halls, playgrounds for children and courts for racquet games.
The word ‘condominium’ comes from the Latin words ‘con’ which means ‘together’; and ‘dominium’, meaning ‘property’.
