A condominium in itself is a great investment for the first time home buyer. Meyer said the vitality of a local real estate market is usually closely linked to the employment strength of the area. A condo, however, is owned by an individual and usually managed by either the owner personally, or it lies under the umbrella of that condo community’s homeowner association (HOA), often relying on the assistance of a property management company.
Townhouse owners pay lower monthly HOA fees because they pay for much of their own upkeep. Or, they might be a feature that only some condos in the community have, such as a chimney or skylights. As far as inventory goes, nationwide, you’re much more likely to find a wider selection of apartments for rent than condos.
Basically, condo buyers will own the condominium unit itself, and what’s called an interestâ€ (along with all the other owners) in the common elementsâ€ (sometimes called common areasâ€) of the condominium project. Just what the above terms mean depends on the details in the documents governing the condominium project, namely, the condominium map (sometimes called a condominium plan) and the Covenants, Conditions, Restrictions and Easements (CC&R’s).
As Trulia reports, HOA fees are often higher in older communities, simply because these communities require more upkeep. Condominiums for rent can be found almost anywhere especially in highly urbanized areas such as Metro Manila, Metro Cebu and Metro Davao.
Singapore condos are usually built with recreational facilities such as clubhouse, children’s playground, gymnasium, swimming pool, squash, tennis courts, and sometimes even a putting green. A condominium is a single real estate unit in a multi-unit development in which a person has both separate ownership of a unit and an undivided interest in the common elements of the building.