While you may be very intrigued by the condo unit you have seen and visited several times already and are about to close in on, you must know certain facts about condos which you may have overlooked or may not be aware of all together.
If you think of your first property as an investment of a lifetime, you may not have heard that condos do not appreciate in price in comparison to stand alone housing units. Although the units at high profile properties such as Minto Saint Condos do offer excellent value for money, you cannot guarantee the price appreciation few years down the road. Regardless of how pristine and well maintained your condo is, the overall value it would generate in resale may not be close to what an independent housing unit might bring it. To know the correct value of a specific condo housing society, it is best to get some information about the past rates of property in the area or most preferably within the same society some time ago, this will give a realistic idea as to how much the value has increased or decreased overtime.
Buying a single housing unit means, paying a one time price for your house and it will be yours for a lifetime. Unlike condos, where you have to pay a monthly fee which could be several hundred dollars depending on the location of your condo. The monthly fees usually keeps increasing overtime. This means that if you wish to sell your condo to a would be buyer, they may be paying 3 to 4 times more of the monthly fee that you paid when you bought your unit. Usually this affects your profit margins and has a negative hit on the price.