The simplest way to know the idea of condominium ownership is similar to seeing an apartment that you possess (in fact, many condominiums are flats which have become in recent years). Their property extends to the inside of the interior walls, floors and ceilings. Additionally, you're a partner, with all the owners in the complex, the field structure (the base, exterior walls and roof), and all common areas and services (as an example, swimming pools, Clubhouses, tracks tennis, play places, etc.)
Among the conditions of condominium ownership is to pay a monthly fee of condominium, which covers general repairs and upkeep to the common places of the complex and (hopefully) develop a cash reserve for future needs. Generally speaking, all outdoor maintenance and repairs will be the obligation of the condominium association, although you happen to be charged for them, either through their organization fees or a special assessment (once rated by all owners, for instance, a fresh roof). The ordinary day to day care of the motives (some examples are cutting grass, shoveling snow and keeping the pool) are also in charge of the organization. Interior upkeep and repairs (by way of example, replacing a dishwasher) are the obligation of every owner.
In certain places, a condominium could possibly function as sole factor that meets your budget. The cause of this is uncomplicated. Generally speaking, the exact same square feet will definitely cost less in a condominium scenario as opposed to one family or village house, mostly due to land price - you can surely build condominiums many more than you can in single family homes , The same number of property.
You are going to result in little or no outdoor upkeep or repairs.
Many condominium communities offer amenities (swimming pools, playgrounds, tennis courts, etc.) that can otherwise couldn't manage.Hougang EC
Condominiums are generally in areas ideal for employment centers and shopping.