Buying a condo is very different from buying a single-family home, because condo means sharing space, and costs, with others. if buying a condo in Taman Desa or Titiwangsa or any other location is your goal, here are the six essential questions to ask yourself before choosing a condominium.
Is the co-ownership divided or undivided?
Even though we often say “condos” to talk about condos, not all condos are condos. A condominium, or condo, is a “divided” co-ownership, that is to say, that each dwelling is independent of the others and has its own cadastre number. This is the type of condominium that exists in buildings that have many units.
A happy cohabitation, whatever its form, requires a good understanding of the role of each one and a respect for the inevitable constraints and negotiations which accompany the sharing of a good. Asking yourself the right questions before signing allows you to escape many unpleasant surprises and frustrations. Here you can choose the condo for sale Taman Desa for your convenience.
In contrast, undivided co-ownership is a form of common property, where there is only one cadastral number. This is the form of ownership chosen, for example, by the owners of a duplex who decide to convert it into a condominium.
These two types of condominiums each have their own particularities and meet different needs. To buy a divided co-ownership (a condo), you must have a minimum down payment of 5%. This type of co-ownership is suitable for those who:
- Have less money available at the time of purchase
- Prefer not to deal with the management of the building, its maintenance and green spaces.
- To buy an undivided co-ownership, you generally need to have a down payment of 20%. This form of co-ownership is suitable for those who:
- Like to take care of the maintenance of their home, inside and out.
- Have the money to pay the initial down payment.
Note that having separate mortgages does not depend on the bank, but on the contract signed between the co-owners entitled deed or declaration of co-ownership. The liability of the co-owners is identified as being “limited” to their unit or “unlimited” and therefore to the entire building. Unlimited liability undivided co-ownerships must have a single mortgage with the bank on which all owners must sign.
Is the declaration of co-ownership right for you?
This document brings together the building regulations, including those concerning co-ownership fees (commonly called “condo fees”). In addition, the declaration of co-ownership dictates, in detail, your responsibilities and rights, as well as the rules for the resale of your unit. It specifies, for example, the conditions of use of the private and common areas. Are you allowed to hang clothes on a clothesline? Can you choose to rent out your condominium a few months a year? You should find answers to all such questions there.
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