First, what is a condominium or condo?
From dictonary.com:
noun
- an apartment house, office building, or other multiple-unit complex, the units of which are individually owned, each owner receiving a recordable deed to the individual unit purchased, including the right to sell, mortgage, etc., that unit and sharing in joint ownership of any common grounds, passageways, etc.
- a unit in such a building.
- International Law.
- joint sovereignty over a territory by several states.
- the territory itself.
- joint or concurrent dominion.
Why do some people enjoy living in a condo, but other’s see it as a poor situation?
Well, the positive of a condominium is that most of the maintenance on the outside of the home is done by an association. No need for the owner to cut the grass and fix the roof. Other items, such as maintaining streetlights and cracks in the sidewalk, are all done for you. Moreover, the building or subdivision is generally clean, and everyone’s unit is maintained.
Although you own the condo, the negative about a condo is that you have to pay a monthly or quarterly fee for maintenance or service. Also, you have to live by the rules. You may not be permitted to park your vehicle on the street overnight. The color of the exterior of your home has to fit within a pre-determined color palate.
The nice thing is, for the most part, in a condo, you don’t have to worry about your neighbor having a car on blocks in the front lawn with weeds growing around it. The condo association must approve the person who buys the condo first. Background checks are done, as well as credit checks. In many cases, the development is safer and maybe even has security or a gate at the front entrance where the condo is situated.
Owning a condo is a lot like owning a franchise.
In a franchise, you have some regulations to follow, but that is to help with the integrity of your investment. All the stores have consistency from the look and feel to the service or product being served.
Most franchised outfits offer the owner an exclusive territory. That is like a gated community, that acts as a safety measure. No other operators are permitted in your space.
In a condo, although you pay dues or maintenance fees, those fees go to pay for items you would have to pay for or do yourself anyway. It is the same as a franchise. You may have franchise fees and royalties that you pay in your franchise, but you are paying for services rendered, such as training, sales, marketing, and much more.
If you are considering a franchise, it’s interesting to think about that business like a condo. You are in business for yourself. You own it, but you’re not by yourself. Although you are paying for the business services, your investment is protected, which may lead to being able to sell the business for more money than if it was not a franchise.
However, just like a condo is not for everyone because some don’t like to follow the rules of a homeowner’s association, franchising is not for everyone for the same reasons.
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