Condominiums â€“ Would you prefer
A condominium is shortly called as condo. A condominium is one where you own a separate portion of an apartment and you can make use of facilities such as staircases, elevators, balconies, childrenâ€™s playgrounds, corridors, heating systems etc. You share the ownership along with a number of owners who share a group ownership of the property. All the owners have access to the common facilities that are to be used by them.
Difference between a Condominium and an Apartment
An apartment is rented or leased but a condominium is owned by the buyer. This is the smallest and most apparent distinction between both phenomena. Even then, the term condominium qualifies to be called as a colloquial term of the self-owned apartment.
The distinction is even more abstract and exists only as an idea. You cannot say if an apartment is a condominium or if a condominium is an apartment. A Landlord, utilizing the space he has bought, builds several apartments in that block and lets the residents take ownership of the place by receiving huge sums of money that could be called as the price of the house. A landlord may also decide to build an apartment as well as a condominium at two different places.
He can collect rent from one as an apartment and with the other one; he can sell out all the houses and make it a condominium. Quite accurately, a condominium is the one where there is a huge collection of individual houses and owners get to own only the space that is for their home. They do not have rights to claim ownership on the piece of land on which the apartment is built. You also have to make some legal registrations after buying the property.
A condominium is subject to legal verifications by the local authorities. Owner of the separate housing spaces can do all sorts of changes inside his property and he has no rights to change anything at the commonly owned part of the property. Usually, condominium properties are owned by construction companies, in case of small condominium and big corporations in case of bigger condominiums.
For staying in shorter periods, a condominium is never the best option. Individual homes may cost a lot more than condominiums. So, condominiums are more suitable for those who want to own a real estate property of real value and especially if they lack necessary resources!