Are you thinking of buying a Condominium Apartment? Pros and Cons!.
If you are looking to buy an apartment, one of your options will undoubtedly be the possibility of living in a condominium. In Italy there are about one million condominiums where 14 million families live. But let’s first of all understand what a condominium is.
The civil code does not provide a definition . The difficulties continue, as to the question what is a condominium, it is possible to answer in different ways, since the concept refers to various profiles (material, legal, etc.). The condominium is a particular form of communion in which parts of exclusive property and parts of common property coexist . Given the definition of condominium, the problem immediately arises of identifying those concrete cases to which the code regulations apply. In particular, on a numerical level, when can we say that we are facing a condominium? Is it enough that there are two, three or more condominiums? How do you identify a condominium? The presence of two different exclusive owners of different portions of the property will suffice (so-called “minimum condominium” ), defined for the purposes of the law as “condominiums”, in order to apply the condominium rules.
These can develop both vertically, the classic multi-storey condominium building, and horizontally, such as residences consisting of single or semi-detached houses with more common services such as internal roads, lighting, etc. to the so-called “supercondominio”when this is made up of several condominium buildings linked together by common goods and / or services. Thus, for example, a group of four or five buildings, which have a park or sewerage services in common, can be categorized as a super-condominium. The last technical aspect to highlight in this long but necessary introduction is when the obligation to have a condominium administrator arises. Article 1129, first paragraph, of the Civil Code specifies that the appointment of the condominium administrator is mandatory when there are more than eight condominiums. Nine, therefore, is the number of condominiums that makes the appointment mandatory.
Here are five things to think about before taking the plunge.
The pros and cons
- A condominium house is on average less expensive to buy than a house or a terraced house or a semi-detached house.
Ordinary and extraordinary maintenance costs are divided according to a thousandth table that will also take into account the different sizes of the apartments that make up the condominium, unlike a detached house where all costs are borne by the individual owner.
the condominium is usually located in a center or in a suburb of a city. This will allow access to a range of services such as public transport, schools, public offices and various shops. The independent houses or villas have a basically peripheral or suburban location, where sometimes some of the services listed above are not present.
purchased for investment, the condominium dwelling allows a faster lease having on average a lower monthly rent than a villa or house. The audience of potential tenants will therefore be wider than the interested one or the canon of a more independent solution can be afforded.
- some types of condominiums such as residences in tourist resorts can offer services and common areas such as swimming pools, tennis courts, etc … which if otherwise combined with a terraced house or an independent house would have prohibitive construction and maintenance costs .
Finally, here are some useful considerations to keep in mind when choosing to purchase a condominium house.
Be careful if there are a lot of apartments for sale, as unless the building is new construction and therefore all for sale this could mean that there is a high level of dissatisfaction in the building. Do you like the size of the condo? Is it in the right neighborhood? Is the building properly maintained and are the resulting costs reasonable or within your reach? These considerations will point you in the right direction for buying an apartment in an apartment building that has everything you want.
Michele Ferroni – Ferroni Real Estate