Thousands of families have lost their homes to foreclosure in the recent economic crisis. At that time, people sought alternatives to traditional housing models in and out of the city. Many people prefer the relatively relaxing suburbs while others see the logic in maintaining their own place within easy reach of city centers.
Instead of purchasing houses which may or may not appreciate in value, many folks would rather invest in properties likely to yield good return on their investments. This accounts for the growing populations in suburbs such as Brentwood and Franklin, TN. Brentwood, TN townhomes and condominiums are conveniently located just outside the city of Nashville and offer top-notch schools, offices, hospitals, commercial and entertainment districts, and other modern amenities.
Condominiums, in particular, are favored primarily by people with mid-range incomes who can choose to either rent or own a unit. Compared to traditional home ownership in which an owner holds the title to a single piece of land, condominiums entail ownership of a single unit (or several units) and a share in common spaces within the property. This efficient use of space, the economy of scale, and low maintenance are some of the reasons condo units are more affordable and desirable than single homes.
Certain adjustments are in order when making the transition to condo living. For instance, one may have to get used to the idea of sharing certain amenities with other residents. Before making any decisions, it would be appropriate to consider the following factors.
While many condos are built as high-rise buildings, a lot of condos in Franklin, TN and surrounding areas are available in various configurations like duplexes, townhouses, and apartments. The number of tenants will, of course, vary with each layout. Prospective buyers must choose the setup that best suits their means and lifestyle.
Often times, condominium owners pay additional expenses called association dues. Condominium associations charge recurring fees for maintenance of common areas like hallways, patios, and swimming pools as well as for security and upkeep. Occupants must therefore budget for these.
Condominium residents must abide by a set of building regulations known as a covenant. For instance, most condos typically require residents to obtain approval before making home improvements as a way to retain uniformity and maintain property resale values. Certain condominiums restrict pet ownership to certain species or do not allow them at all.
Condominium tenants need to observe proper decorum and respect each other’s privacy at all times. To ensure minimal disturbance, some condominiums enforce rules when it comes to hosting private events.
These are just some of the factors worth considering when choosing to buy condos in Nashville, TN and other cities. In the end, the decision boils down to an individual’s preferences, needs, and financial means.