To prevent such scary scenarios, the public should be aware that buying into a Parc Komo is not a wo
To prevent such scary scenarios, the public should be aware that buying into a Parc Komo is not a worry free ownership arrangement, as many are led to believe. In fact, it is fraught with peril. The popular assumption that by buying a condo unit, one becomes free of its complex ownership worries is dead wrong. The public needs a cautionary tale about condo ownership.Government regulators and policy makers should take note that condominiums are the most volatile of real estate products due to the financial diversity of its inhabitants. Financially weak unit owners with little or no equity in their units must realize that defaulting on a condo’s maintenance fees and mortgages will make them lose their units, resulting in financial liabilities that could haunt them for years. Politicians and regulators in charge should realize that at the next major market correction, the trade-off of stimulating the economy by inducing financially weak buyers to buy condos with little or no down payments may backfire badly, resulting in taxpayers footing the bill for defaulted insured mortgages. Worse yet, vacancies due to fall-outs by no-equity unit owners, could cause disastrous consequences to the remaining unit owners and their complexes. Article Source: https://condolaunch.org/parc-komo/ -- source link