Small condo instead of apartment

Discussion in 'Buying & Selling Real Estate' started by Corzhens, Sep 11, 2015.

  1. Sunflogun

    Sunflogun Well-Known Member

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    There are pros and cons to everything. Usually the bigger it is, the less central it is and more expensive, so it's just a matter of determining our priorities.
     
  2. kgord

    kgord Senior Investor

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    That is an interesting idea. I don't think there are many small condo units here in the US at all. Maybe in some small cities you might find that, but most of the condo complexes I know are huge, towering monstrosities with several hundred residents. I guess that those who want to stay in a condo like that may have to look for one especially. The exception might be 55 and over condos. They have some interaction and advantages with the residents.
     
  3. Corzhens

    Corzhens Senior Investor

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    You don't know the culture of Filipinos. We have that regional mentality, hard to explain but it's something like those from the province who came to Manila would always be thinking of their financial security hence they would save on anything. It is a joke that dwelling of province people in Manila are crowded such that there would be some in the family who would sleep atop the fridge. That joke was to emphasize that some families in the city don't mind to stay in a cramped living space just to save on rent.
     
  4. My401K

    My401K Well-Known Member

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    In the United States the number of people that stay in a Condo, private home or a rental is regulated, it will usually have some limit on the lease or the intent to purchase, but for the most part the enforcement is upheld by the Fire Marshall. You just can't have 25 people in a unit that is meant for a family of four. While it is true that people may have a guest for a short visit, it is not the same as having many people actually living on a regular basis in a small area.

    One of the problems with Condo ownership is the cost of the fee's, if the infa structure is older and the amount of people paying into the pot is low, the cost can become very high. the argument is that the owner has a unit that they are free to do as they want inside, that is as far as interior goes. In a rental maybe you can paint and put in carpet but seldom can you upgrade fixtures and cabinets, things of that nature. That's the trade off- is having a place you have the internal control over worth what you have to pay in fee's?
     

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