Benefits of Condominium Ownership

 

The condominium way of living

 

The condominium owner is just as much a homeowner as anyone else. He/She gets the same income tax deductions, builds up the same equity as the months and years go by. He can buy or sell (or even rent) at a profit. He has the same pride of ownership as any homeowner; he is free to improve his apartment as he sees fit. And he is free to arrange mortgage financing as it best suits him.

In addition to owning his apartment (with a title to it in the form of a deed), the condominium owner also owns a proportionate share of his community's common areas. These include the halls, public areas, entrances, laundry rooms, etc., of the building as well as the grounds and walks. Each owner has a voice in administering these facilities.

The condominium owner's financial responsibility is limited to the payment of his own mortgage, if any, the taxes on his own apartment, and his proportionate share of the cost of maintaining the common charges. At the same time he has a voice in deciding how the condominium shall be operated. And he has the assurance that the condominium shall be professionally managed whether or not he is there.

Condominium charges are based on the actual costs of maintaining the building - without the additional burden of a landlord's profit. And condominium owners never have to worry about the rent increases again.

 

 

to sum up, here is a tabular comparison of condominium ownership versus rental

 

Condominium Ownership Rentals
Voice in community control through elected council No control over building or operation
Professional maintenance keeps costs minimal and condominium owners live "care-free" Maintenance under control of landlord and at landlord's convenience
Equity accumulates through monthly payments No equity, no matter how long you pay rent
Tax deductions available No tax deductions
Excellent financing available for purchase or resale No financing available

 

 

do you know how much rent you pay?

 

Present Amount of Monthly Rent

Total Amount of Rent You Will Pay Assuming Only A 5% Annual Inflation Rate

 

3 Years

5 Years

10 Years

20 Years

30 Years

$200

$7,566

$13,261

$30,185

$79,357

$159,453

$250

$9458

$16,578

$37,734

$99,200

$199,317

$300

$11,349

$19,892

$45,281

$119,037

$239,180

$350

$13,241

$23,208

$52,827

$138,876

$279,043

$400

$15,132

$26,523

$60,373

$158,715

$318,906

$500

$18,915

$33,154

$75,469

$198,380

$398,633

$600

$22,698

$39,785

$90,562

$238,076

$478,360

$700

$26,481

$46,415

$105,655

$277,754

$558,086

$800

$30,264

$50,046

$120,748

$317,429

$637,813

$900

$34,047

$59,676

$135,841

$357,111

$717,540

 


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