When we decide to buy a property, we often get confused with its various types. And, we do not know what to consider when thinking of whether to live in a condominium, an apartment, or a townhouse.
The legal ownership
If you have ever wondered what makes property agencies differentiate a condo from an apartment, then you are in the right place by reading this right now. An apartment is usually a room with a kitchen and a bathroom in it, which is rented for tenants by the owner. And apartment’s owner is mostly a company.
Depending on the luxury grade and the price, an apartment complex can have shared facilities and amenities, such as gym, swimming pool, and garden. And the tenants are not responsible for their maintenance. But again, that leniency is mainly due to the status of the ownership.
A condo, on the contrary, is very much like an apartment but can be legally be owned by an individual. You can make a condo as a bank’s collateral so that it will be a very useful investment, unlike an apartment. In terms of legality, having a condo is like having a house under the same building.
The ownership of a house is divided into two categories: individual and joint ownership. The legal status of house ownership is stronger than owning an apartment, even if what you own is a duplex house.
The facilities and amenities
Condominiums have a wide range of luxury selection. In Canada, for example, Cresford Developments are famous for their grandiose and extravagant architectures, which are somehow blending in with the local neighborhood.
For the utmost luxury, condos can go very far with affording ludicrous amenities. Zaha Hadid Architects’ One Thousand Museum in Miami has a helipad on their condos’ rooftop. Armani/Casa Residences in Sunny Isles, Florida, employs personal lifestylists, one for each resident. The lifestylist’s job is to be the fashion and style consultant of the resident.
Because the condos are owned by multiple individuals, the cost of the facilities and amenities is also shared. But because you contribute to the maintenance, you have a voice. In a condo, the residents can elect a board of overseers for the facilities.
You will not experience a sudden change of facility, like if you live in an apartment. And the burden is much lighter than owning a house. If you own a house, all the maintenance costs are your monthly bill. But in a condo, it is someone else’s jobs.
Besides, having a large garden, swimming pool, and gym facility is exclusive to condos. Otherwise, if you force yourself to have them at your house, it is going to be an extravagant expense.