Condominium units are a good alternative to a house, especially if you are living in a big city where buying a house and lot is so expensive. If you are new to the term condominium and wants to learn more about it, then this article is for you. Discussed below are all of the things you need to know about condominiums:
What is a condominium?
Condominium is the term for a major real estate complex split up into and sold into individual units, known as condominium units. Possession of a condominium generally incorporates a nonexclusive interest in a few “common properties” handled by the management of the condominium complex. Condominium management is usually comprising of a board of unit proprietors who operates the daily functions of the condominium. Those day to day operations includes snow removal, pool maintenance, and lawn maintenance among others.
Owning a condominium
Possessing a condominium is different from owning a traditional house and lot property. The owner of the condo has claims to the property, but it does not contain things like the walls that act as a division to other units. Common places such as the gym, pool, lounge, and other areas are also part of the condominium’s common ownership. Other things that are not included are the floor, roof, sidewalks, stairs, and outdoor locations.
Types of condominium
A usual kind of condominium is a non-commercial high-rise building that offers housing for a number of various households. However, the condominium concept is not limited to high rise buildings and residential properties. Office buildings can also be condominiums, and townhouses can also be condominiums.
Piermont Grand EC is an executive condominium launched in Singapore this year. The complex is located in Sumang Walk, Punggol enclave, Singapore, so if you are near that area, you might want to consider their offer. For more information, visit https://www.sumangwalk-ec.com/.