There are many types of real estate properties such as single family unit, multifamily unit, apartments, condotels, townhouses and condominiums. We already know what a single family unit is, what a multi family unit is, what apartments are, as well as condotels and townhouses, but little about condominiums. This article is made to end the curiosities of many people about what condominiums are.
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Condominiums are a type of home ownership where homeowners own individual units of a building such as an apartment within a high-rise. People who like city living should choose condominium unit because Condominium properties are specifically designed to provide multi-family housing in a densely populated environment, such as the city.
Owners of condominium units share common areas such as gym, swimming pool, game room, gather room, and tennis rooms. Also, they share a particular set of rules which they called CC&Rs or Covenants, Conditions and Restrictions. These rules speak about the responsibilities of every unit owner and about things which are prohibited doing in the building such as having a pet or renovating any part of the unit. These rules somehow vary to other condominium buildings'.
Talking about payments, the owner of units in a condominium property pay dues (include payment toward immediate expenses and future maintenance, such as roof replacement) usually for a maximum of 4 times a year, and dues are used to fund the maintenance of the property and its upkeep. There are employees to pay such as the maintenance and repair crew hired by the homeowners' association, also to pay the guards, bellmen and other responsible for making the condo property living comfortable.
People like to have a condominium unit because they think it is a comfortable place to live in. Well, it is a comfortable place to live in. Most condominium properties don't just have nice interior features but they also have nice exterior features. Most of the time, it is the view that captivates most buyers.
Other reasons why people choose condominium units:
Condo units offer products not easily found in single-family homes, such as 1-bedroom, 1-bath setting which appeal to singles (40% of condo buyers are single females, 20% single males) and first-time home buyers.(The transaction when buying condo units is easier than when buying other real estate properties. Less hassle)
People can't afford to buy a nice single family house, but can afford a nice condominium unit. They can't afford to have their own recreation areas in a house, but in a condo, they can!
References
Condominium
https://en.wikipedia.org/wiki/Condominium
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