What Are The Different Types Of Condos?August 18, 2021 1:27 pm
Condominium or condo living has been popularised for years now. A condo is a single unit designed as an apartment-style building or a community made within a multiple-unit property. The condo community provides the owner with the ownership of the single unite while sharing other common amenities of the place.
There are two types of condos, one is freehold, and the other is leasehold. The basic difference between both is the kind of ownership that a particular person holds. Freehold condos are owned by the tenant completely, while leasehold condos are contract-based. There are several types of condos available, each with different features, but one feature in common is that they live in a community. If you are thinking of buying a condo to live in a community, you should know about the different kinds of condominiums available.
Below are some different kinds of condos you can consider buying according to your preference:
People who are thinking to purchase a condo home should know that it is a residential property of which the owner owns only a single portion of the building. It is not like a house but more like an apartment where you will own the interior of the home but not the dwelling on which the property is built. Everything outside your door is for common use, be it hallways or driveways. So, if you do not want a single-family house, condo homes are a good option for you.
Condo share means sharing the condo where both the tenants or several tenants will be sharing the space for a particular number of days. Condo shares are usually owned as vacation homes where you are supposed to pay maintenance fees and taxes, but they are not your investment. If you want to experience a condo community life for a short period of time, you can go for condo shares, but you will find difficulty in selling the place if you ever want to.
Private condos are also known as private own apartments, are the landlord’s property. These condos are usually available for rent but are not similar to condo homes. In this, a single unit will be rented out where you have to share the other amenities with the other tenants. People who are looking for a condo on rent should consider looking for private condos.
A condo building is a complex of units that the person can individually own. The management and upkeep of the condo community then lie in the hands of a community property management committee who will look after the maintenance and common needs of the people related to the function of the community.
Freehold condos and traditional condo buildings:
Freehold condos will give you the complete authority of the place and the dwelling. Once you buy it, the place becomes yours, and you can ensure the upkeep of the owned place while the management committee manages the common areas. On the other hand, condo buildings too are only responsible for the interior of the premise, and if at any time the exterior wall requires repair, you cannot do it on your own.
Benefits of living in a condo:
People who want to experience condo living should make the decision after knowing what is in there for them. There are some compelling reasons to live in the condo development.
The first benefit associated with condo living is safe because you will be living in a safe neighborhood.
The condo community will provide you with a sense of social connection where you can interact with people who live in your neighbourhood.
Condos provide a number of amenities that you can share with others, which will be covered in your paid amount.