Question

Condominiums and timeshares area growing segment in the housing market particularly in urban and resort markets. What are some of the major issues/concerns that buyers should be aware of when investigating the condo/timeshare market for housing? Is there an active condo/timeshare market in your current location??

Answer 1

Answer: The condo or the time share properties are those in which have divided form of ownership or the user’s rights. There are multiple parties that hold the right for using such properties as per the time allotted to them. Because of such nature there are a number of issues that are involved in such properties which the investors investing in such properties need to understand. Firstly the investors need to understand the conditions that govern their use of such properties. At times the condition of use may be different for different users. The investors must also understand the limitations or the restrictions that are present on his use of such properties. The conditions of use and restrictions are not present in the ordinary properties but are present in the time sharing properties. Similarly the loaning of such properties is also typical and complex. Hence the investors going for loans need to talk to their banks about such properties and the formalities involved. Similarly there may be other hidden costs that may be involved while owning a condo. The investors need to also look for such costs. Yes there is an active condo market present at my current location.