Owning a condominium entails partial ownership in a shared “common property”, compared to a single-family dwelling. This presents a unique task for condominium buyers. If you’re looking at buying the twin vew showflat, read on to learn few things more about this type of property and what ownership has in it.
What’s a Condo?
In a condominium (usually known as a condo) some parts – such as your residence – are privately owned while others – such as the common areas- are collectively owned by all of the condominium’s residents. A less technical approach to thinking about a condo is to see it as an apartment that you own. In reality, condos regularly take the shape of an apartment or a related shared complex such as row townhouses, but hypothetically, a condominium could physically be like anything.
Condos are exclusively famous in places with high property values – vacation hotspots and urban settings are both places where you can assume to find them on the market. This is always because buying space may be scarce. That way, condos are able to expose home ownership to a whole new set of people. Therefore, if you can quite afford a house, and you are ready to own a house, a condo could be a great way for you to enter the property market.