Owning a condo in Cayman is different from owning a house or apartment. You will privately own the unit that you live in, however you will share or co-own various elements of the condo with other unit owners. This also means that you will work with others to run the condominium. In order for this to work, you must be open to this communal aspect of owning a condo. There are a few other aspects that must be taken into consideration before you invest in the condos Cayman Islands residents recommend.
Monthly Condo Fees
When you own a condo, you are liable for monthly condo fees, which may increase on an annual basis. These fees are subject to fluctuate and many people are surprised at the cost of monthly condo fees. However, these fees allow the condo corporation to maintain the property, help with unexpected expenses and inflation.
In many cases, owners of recently build condos may only encounter condo fee increases in their 2nd year of ownership. These fees are used to facilitate things like a guest suite, which serves as an asset to the condo, helping with expenses and so on. Although the budget for operation expenses is set well in advance for a condos first year, miscalculations and shortfalls do occur, which may cause the fees to increase in the second year. others factors such as an increase in utilities and inflation also play a role in the rate of condo fees.
You must also be prepared to contribute to how the condo is run and your views must be in line with the rules and regulations of that condo corporation. You will be require to attend owners meetings and play a key role in decisions to elect a board of directors, renovations and how expenses are tackled.
Owning a Condo Comes with Responsibilities
If you are one of those people that wants to live a life free of worries and responsibilities, then condo life may not be for you. When you own a condo you are in charge of maintaining, repairing and renovating your unit, if you see fit. You are also in charge of attending the relevant meetings, respecting the rights of the other unit owners and contributing to the maintenance of the outside of the condo that is shared by all owners. One of the toughest parts of condo living is the fact that the condo corporation will have a list of rules and regulations which all owners must live by and if you not fond of rules, it may not go well with you. Some of these rules may limit the amount of visitors you receive or place restrictions on the times that visitors need to enter and exit the complex. Other rules may restrict your access to the outside of the condo and place limitations on what you can and cannot do in the communal part of the yard. If you are a person who doesn’t enjoy doing things by the book, then you might need to consider another type of accommodation.
If you are looking for extra amenities such as a swimming pool, fitness center and other luxury facilities, you must be prepared to pay higher monthly condo fees. There are many factors that can influence the quality of life you experience at your condo. By being an active member of the condo corporation and attending all meetings, you will be kept in the loop about all decisions pertaining to how your monthly condo fees are being spent.