A bank owned condominium is an ideal place to live in, especially for young professionals, single people and small families. Escalating foreclosure rates have created certain wariness in people in terms of buying residential properties, hence the increased number of condominium residents. For those who are considering this kind of living, there are a number of advantages that they can enjoy.
Convenience and Cost
When compared with a home purchase, renting or buying a condo unit is much cheaper. In addition, residents do not need to worry about repair and maintenance costs and responsibilities. All of these are taken care of by the landlord or the owner of the property.
Amenities like swimming pools, gyms and recreation areas are also staple parts of condominium buildings. Unless a homeowner has the means to have these amenities built, he will not be able to enjoy them in a regular house. Furthermore, residents of condos need not worry about cleaning pools, updating gym equipment and maintaining the recreation areas. They can use them but they do not need to worry about them.
Most condominium buildings are also located in places near industrial or office buildings, supermarkets, shopping centers and other structures necessary for a modern, fast-paced living. Majority of developers build a bank owned condominium with professional people in mind, hence the nature of their locations.
One major risk involved in living in a condo is foreclosure. If the property becomes foreclosed, tenants might get dragged into the battle between the bank that owns the property and the new owners. In most cases, foreclosed condominiums suffer from negligence and lack of maintenance, particularly when the legality of ownership is yet to be declared.
Also, some landlords will not let residents know what the situation is, preferring to continue to get payment from renters only for these residents to find out that ownership has changed hands and they need to vacate the place without enough notice.
Being a resident in a bank owned condominium has a lot of advantages. It is convenient and less costly than buying a house. However, the threat of foreclosure can make life very difficult for condo residents, especially when they are left in the dark as to who really owns the property.