Question

What are the pros and cons of condominum ownership for commercial property?

Answer 1

The Pros for condominium ownership for commercial property are:-

· Have the better control and maintenance on own asset in comparison to the rented one.

· Relief from the rental expenditure incurred which could vary heavily, as there is a possibility of initial outlay and blocking of heavy expenditure.

· A person would hold a long term relaxation and stability for a freehold.

· A liberty of controlling and maintaining the property as per the choice of the person.

The Cons would be: -

· There can be burden on financial for investing a huge sum of money in investing the commercial property.

· There are huge expenses incurred in terms of maintenance like cost of utility, repair work, maintenance of society etc.

· There are several restrictions one could face while changing the property, as the proper planning would be required.

· If a person had to relocate its business or job then it would difficult to negotiate and sell the property owned.