What is a condominium?
A condominium is a type of property that is very similar to apartments. It is described as a group of housing units in which the units are owned by individual homeowners and all the residences equally share ownership of common use areas such as a pool or a lawn.
The Benefits of owning a condominium
There are a lot of people out there that would prefer to buy a condo over a home in Cambodia due to certain benefits that the condos offer. Some of the major benefits are;
1. Continuous popularity
Condos are going to stay in fashion forever. So if you own a condo and wish to sell it then selling it would be so much easier than selling a house. There are a lot of condo lovers out there that are willing to invest in a condo. There would be so many Cambodia properties for sale but many would go for the Cambodia condo for sale
2. Exterior and structural maintenance
As a condo owner you don’t have to worry about the exterior and structural maintenance of your condo. So, one doesn’t have to worry about landscaping or mowing the lawn. All the exterior maintenance and repairs are taken care of by the society.
3. Insurance
Getting your condo insured is much cheaper than getting your house insured. This is because you only need to get the interior insured and not the exterior and the structure which makes it less expensive.
The Drawbacks of owning a condominium
Like all other property types condos also have certain drawbacks. Some might look over them but some consider these drawbacks quite important which is why they abstain from investing in a condo. Some of the major drawbacks are;
1) Condominium association Fee
All the benefits mentioned above come at a cost. Each condo owner has to pay a monthly or quarterly fee to the condo association for taking care of all the exterior costs such as insurance, taxes, maintenance, repairs and so on.
2) Inflation of expenses
Condos are known to be quite luxurious as it takes a lot of funds to keep the project intact. These funds that each owner is required to pay often increase extra a certain period due to inflation. You do get the right to vote against it in the association’s meetings but that is only one vote.
3) Rules and regulation
There are certain rules and regulations that a condo owner should follow. You can’t just do whatever you want with your place you must first get it approved by the association.