Condominium Style Communities and House Building Companies
A condominium style community is a group of buildings within the same boundary lines with bifurcated units for a residence owned by people. Condominiums are often referred as condos. These condos are of a distinct size and infrastructural designs, but the living units of the condos often share walls. Only the interior of the unit can be owned by its resident and not the entire property, say a unit on the 5th floor is owned by a person, then the ground on which the building or unit is situated and terrace can be shared but cannot be owned by individuals. Residents must maintain the interior of the unit. The exterior components of the building or buildings, lawn, terrace, pools and other commonly shared places by the owners of the units of a condominium are maintained by the Homeowners Association. Interior of the condos should be insured by the residents whereas for external factors in condominium style community can be insured by HOA with the consent of all the residents by proportionate pooling of money for insurance.
Duties and Responsibilities of Condo owners:
The condominium owners should know the relationship between ownership and responsibility.
- The rules and regulations formulated and implemented by Homeowners Association and the Board of the building community should be followed fairly as well informed truly by the appointed manager to new residents in the community.
- Protecting and maintaining the exterior property and the commonly shared area is the duty of every resident of the condo. Thus they should look after it also. Maintenance should be done in lieu that the resale value of the building should not deteriorate.
- Periodic inspection for the building should be conducted to know the defects in the material of the building and get them corrected on time.
- Emergency repair fund should be maintained by the association members for arising of unexpected expenditures along with repairs and replacement reserves.
- Books of record regarding every transaction done where the interest of all the homeowners is involved should be recorded.
- Documents and legal papers related to buildings should be kept carefully.
Benefits of living in a condominium:
- The first and foremost benefit of condos is affordability of condos. The average selling price of condos is comparatively low than that of houses and apartments.
- The maintenance of exterior of condos gets divided among all the home owners. Therefore, the owner has to bear only the interior maintenance and repairs expenses.
- Wider facility of amenities such as swimming pools, night clubs, Children Park, fitness gym etc. is easily available in condominium style communities.
- Most of the condos do have security guards at entrance gate along with modern lock facility.
- Condominium communities are mostly located near the city or all the facilities are available near the buildings.
Limitations of living in Condominium style communities:
- Homeowners have to pay every month fees for using various amenities and deposits have to be made to various maintenance funds adds to the living costs.
- Mismanagement by Homeowners Association is another critical issue in condominium style communities.
- Due to adjoined structures, the privacy of a dweller may get halted in condos.
- Restrictions, rules and regulations are other drawbacks of living in condos.
- Also, it becomes difficult for owners to resell the owned unit of the community.
Due to certain drawbacks of Condominium style communities, people prefer living in houses. But again the process of getting a house built is not at all an easy task. It is often considered to be a lifetime investment. Here are certain basic points to be considered before choosing among the house building companies:
- Know the basic things about building a house such as desired design, cost of building up a house and making a decision regarding right house building companies.
- Visit experts in case any expert advice is needed. Also, comply with the legal formalities.
- Begin with the process of building a house and then proceed towards hardscaping and landscaping after the building process has been completed.
choosing the house building company to consider the following points:
- Go through the profile of the company thoroughly.
- Fix a meeting with the respective personnel of the company and check their behaviour and relationship with the clients.
- Visualise the previous work done by the company and seek reviews either online or through personal intervention with the previous clients since it is the matter of lifelong investment.
After clarification of all the doubts only proceed with signing a contract for building up a house with the company.
The construction of a house building goes through various phases:
- External construction: laying foundation, domestic water system, electricity fittings and retaining walls etc.
- Internal construction: plumbing, insulation, ceilings and flooring, ventilation and internal wiring etc.
- Finishing up construction: cabinetry, interior decorating, furnishing, painting, appliances and toiletry etc.
Advantages of having a house:
- The main advantage of having a house instead of a condo is freedom from the foundation of rules and regulations.
- Secondly the privacy of individuals remains preserved.
- Apart a person may get his house designed as per his needs and desires with liberty of alteration of size, location, infrastructural design etc.
Drawbacks of having a house:
- The main critics of building up a house are high incurrence of cost and more legal formalities.
- Further, these days many house building companies, to save cost may adopt cheap quality material and outdated technology for construction of a house.
The kind of residence that is condominium style community housing or individual housing to be chosen depends upon multiple reasons such as affordability, size of family, location needs and many more. Apart from this, another important thing is thorough verification of documents both with the contracting company in case of condominium and house building company in case of the housing, and inspection of the building and surrounding areas should be done carefully for the area chosen for the dwelling.