There are several types of real estate properties that you can own. These include apartments, houses, and condominiums among others. Each property has its own merits and drawbacks. This article will help you have an in-depth understanding of condominiums.
What is a condominium?
Popularly known as a condo, a condominium is a real estate property consisting of several units separately owned by various individuals, but has facilities and areas that are commonly shared by all residents. In its simplest form, a condo is an apartment that you have ownership rights for. When you own a condo, you only own the living space of your unit. Areas such as hallways and garages are collectively owned and shared by all residents in the building.
General information about condos
There is a set of guidelines that govern how people share and own property in a condo unit. Although these guidelines may differ depending on the agreements, here are some general principles that are universal to all condominiums:
- You are free to do what you what you want with your interior leaving space although you have to keep within certain parameters. However, you cannot make exterior improvements or changes without an approval from the condo board.
- The exterior maintenance of the condo is the sole responsibility of the condo board (you may be required to pay a monthly fee to cover the expenses).
- You do not own usually a private yard. All common areas are shared.
Which property option is the best for you?
When people want to buy or rent a property, they are faced with the task of choosing between a condo, apartment or house. Any of these three choices are great depending on your preferences, affordability, and long-term plans.
If you want to live in a space in which you can have your own privacy and do what you want with your property at any moment, then you should consider owning a landed property. On the other hand, a condo is great if you want to buy or rent a luxury property and not worry much about maintaining it.
Who is best fit to buy a condo?
Generally, anyone who can afford a condo can buy one. However, not everyone can be suited for a condo. A condo is best suited for a person with a busy lifestyle and has no time to take care of home improvements or maintenance. If you want to have a private yard and do your own landscaping, owning a condo will only limit you.
If you are looking for a long-term investment, you can consider buying a unit at the Martin Modern condo in Singapore. You can then lease the unit or sell it in the future. The Martin Modern condo is also suitable for individuals or families that want to own a luxurious property. Retirees are also suitable candidates for buying condos. This enables them to live quiet lives without the pressure of maintaining a home.
The number of people buying or renting a condo is on the rise. This shows that condos are in demand and developers have responded by building condominiums that suit many budgets. If you live in a condo, you will enjoy perks such as convenient amenities and high-security. Most importantly, you should only buy or own a condo if it fits your lifestyle and budget.