CONDOMINIUM LIVING
The Young Family and Young Couple Guide to Housing, Condominium and Apartment Living
 


 

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Unless you want to live with your in-laws, and very few people do, you'd want to start looking for a place of your own. Problem with most young couples and young families is that you simply don't have the cash stashed away for a fancy place of your own.

Just a few years into your career, you would probably be looking for a small apartment or condominium, a 'starter unit' if you will, in the suburbs.


Buy or Rent?

It all depends on what your goal is.

In the long run, it would probably make more sense in owning your own apartment or condominium. Often, monthly installments for properties approximate that of rental. Economically then buying your own apartment or condominium would make more sense, provided of course that this is the case.

However, if you are unsure of the location - expecially if you are not yet in a secure job, and are subject to transfers, practicality would require you to consider renting property.

There are other considerations on deciding whether to buy or rent and those mentioned are but a few. Ask for opinions from family and friends, but always make a decision that best suits your needs and affordability.

Let logic and rational thinking guide you on this ... follow your instincts and hunches. It's better to be safe than being stuck with a property (and payments) that you are not comfortable with.

Hidden Costs

Apartment and condominium living comes with several hidden costs that you may not be aware of. These are a few that may add up to a substantial figure, for instance:
  • Maintenance fees - This may be calculated based on the built up size of your unit, payable monthly.
  • Higher utilities rate - In certain areas, utilities such as water and electricity are charged at commercial rates (as opposed to the much cheaper residential rates).
  • Taxes and assessments - Based on built up area and linked to the built up area of the entire apartment or condominium complex, this may be much higher than landed properties.
These apply to both rented and bought properties.

Another area of concern for apartments and condominiums is the number of allocated parking bays. Increasingly developers assign two parking bays for every unit, but there are still those that only provide one. The cost of 'acquiring' an additional bay may be quite substantial, being up to 10% of the unit price!

Buyer beware, they say ...


Size and Location

Of course, it all depends on how much money you have.

Needless to say, the larger the apartment or condominium, the more expensisve it will be. Similarly with location - expect to pay substantially more for a prime location.

Being a young couple, if you don't yet have children, an apartment or condominium of 900 square feet (sq ft) to about 1,100 sq ft may be reasonable. In a suburban location, it would also most likely fit your financial requirements and capabilities.
 
 



However, if you intend to have children (which is a reasonable question in this day and age, unfortunately .. I think), an apartment or condominium of that size would be a bit small. A built up area of about 1,300 sq ft to 1,500 sq ft would be more suitable for a young couple with, say one or two toddlers (in fact, 1,500 sq ft would be considered to be quite a large apartment or condominium in most places).

Consider things such as the social mix in the area that you intend to stay in. Generally, in more 'affordable areas', your neighbours will be from the lower income groups. If you subscribe to the idea that low education levels equals low income, then you should have an idea of what to expect.

In the long run, therefore, stretching your affordability level for the benefit of your family (and kids) may be worth serious consideration. This would mean other financial sacrifices while you build up your career as you would be spending a larger proportion of your income for a residence in a larger area - at a time where you are not earning all that much.

Another issue to consider is the cost of travelling to work. With the increase in fuel prices, this may add up to quite a bit. If you have to use tolled roads to get to your office, it would also increase your cost of commute.

Imagine also your route to work. Which roads will you take? What is the rush hour traffic like?

Public transport? Ameneties such as sundry shops, schools, police and fire stations are also worthwhile considerations. 




Of course, it would be great if you can have everything you could possibly need in that area. But be practical. Not everything is necessary ... at least not at the moment and not on your current budget. Look for information on future developments in that area.

The trade off would be between size and location, affordability and availability of services. Good planning would help you avoid the heartache of an 'unsuitable residence'. If you are as yet unsure on how you intend to grow your family, perhaps revisiting the 'rent or buy' idea in the meantime would be a good idea.



 
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