Most of the time we associate condos with luxury. So, so that you are clear about this concept, below we explain what they are and what differences they have with respect to other residential units.
A condominium is an asset owned by more than one person . However, the term is used mostly to refer to a property inhabited by many people who share some common spaces, spaces that are managed and cared for in solidarity.
In this case, each house has a specific owner and each owner makes a financial contribution for the maintenance of those spaces that are shared (parks, meeting rooms or sports fields). This type of organization has the advantage of forming a kind of private neighborhood, where there is a greater degree of security.
According to the construction company, living in a condominium has certain benefits that sometimes other types of residences do not have:
– Residents of housing projects located in condominiums have the advantage of not worrying about maintaining, for example, swimming pools, gardens or maintaining the physical structure.
– The condos offer excellent recreational areas and beautiful views , which can be enjoyed from the comfort of your home.
– These projects have multiple services in the same place : gyms, tennis courts, spas, golf courses, swimming pools and community centers, among others.
– The planned constructions in condominiums are perfectly adapted to people who travel constantly , since they have greater security measures, such as fences, cameras and surveillance.
– The condominiums have a better urbanism and design than other types of constructions.
– Being located, generally, in rural areas, condominiums offer tranquility to those who live in them; as well as less exposure to noise and pollution.
– Another advantage is that the condominiums have master insurance, which covers the exterior structures of all buildings in the event of a disaster.
As well as there are advantages, there are some aspects that can be much later on. So keep this in mind first:
– You cannot make substantial exterior changes ) without obtaining the permission of the Board of Directors. Usually this is regulated by the Administration Regulation of the housing complex
– Living in a condo may be less expensive than living in an apartment, but with the maintenance and repair of the common areas, your monthly payment could go up. You will be responsible for the pool fee, even when you do not use it.
– More people, especially first-time buyers, prefer condos, as they may be less expensive than residential single-family homes. But in the real estate market, when there is a drop, condos are the last to recover . Therefore, it will be difficult to sell a condo after bad weather.
– Vertical condominium: The house is built on several levels on common land, with private units and co-ownership rights. They are the most popular in terms of tourism, but they are also very common in large cities, due to the limited space.
– Horizontal condominium: These are those properties with horizontal construction where the owner has the exclusive right of use of part of the land and is the owner of the building established therein.
– Mixed condominium: It is one that combines the two: vertical and horizontal condominiums.