Buildings that are currently used as apartment complexes could one day be converted into condos. In an apartment complex, each tenant pays rent to the landlord who will maintain the property. In a condo, each resident owns their own unit and may be assessed a fee to maintain a common area. While it may be worth it for a tenant to own the space that he or she is currently renting, that is not always the case.
Those who don’t believe that they will be staying for the long-term might want to look for another rental instead. Individuals who can’t afford a down payment could also benefit more from renting instead of owning property. The character of a community could change as individuals choose to leave or properties are bought by speculators. Furthermore, the homeowners association that runs the condo may have different rules and policies than the previous landlord did.
In some cases, the board may refuse to enforce those rules or have trouble doing so. As the cost of maintenance shifts from a landlord to the owner of a condo unit, repairs may not be made in a timely manner or at all. This could result in a lower quality of life for residents, and it could also result in difficulty reselling the condo in the future.
Prior to buying a property, an individual may want to discuss a potential deal with a real estate law professional. This may help a buyer better understand his or her rights and obligations before and after a deal is complete. An attorney might also help a buyer understand the rules that a homeowners association may enforce and the fees that it could charge. Finally, legal counsel may help ensure that disclosures are made in a timely manner.