A large estate, allocated into single units for the objective of sale, is a condominium. So how is it unique from a regular estate? Much of the disparity spring up due to the sort of possession. For instance, in the case of an apartment, a sole family purchases not only the unit but they furthermore have the liberty of possession of the land on which the building is built. In the case of a condo, the possession is narrowly distinct. A condominium is inward a residential facility or community but the unit is personally regulated by the person or owner of the property. This owner has no vote in the functioning of the bigger building or even the plot of property upon which his/her estate is created. A homeowners’ association may, still, come jointly to help out with the estate administration. Moreover, they may be cited as condominium management, comprising an organization of landlords that come jointly to supervise lawn maintenance, etc. For services such as these, condo holders will have to reimburse a specific amount.
Ø Maintenance of condominiums
Most people want condominiums, because of their short maintenance expenses. The inhabitants need to spend a certain sum yearly or monthly for the across-the-board maintenance of their condos. Therefore, the inhabitants need not overhaul any maintenance problem by themselves. They are only required to notify the authorities to rectify the problems. Some condos like Thiam Siew Residences also retain regular examination facilities where repairs are instantly done if any issue is observed.
Ø Condominium insurance
Condominium landlords require to pay a lesser premium as correlated to proprietors of private houses, while they get their condos underwritten. This is because they are just required to get their belongings within their home insured. The rest of the condo’s insurance is taken care of by the actual owner of the estate. Accordingly, getting homeowners’ insurance for a condominium is inexpensive.
Ø Benefits of condominiums
The following are the advantages of condominiums:-
- Flexible lifestyle: Condominiums are excellent for people who like to live a flexible life without constraints. Know, you are the landlord of the unit and there are no constraints on your lifestyle in a condominium.
- More affordable: Condominiums are furthermore useful for people who need to lessen the expense of acquiring a house. Condominiums are more inexpensive than separate houses and make a big investment for first-time home holders.
- Good connectivity with business centres and various aspects of entertainment: One of the most unusual characteristics of condominiums is that they are located near business centers and popular centres of a locality. Thus, the holders benefit from tremendous connectivity and have access to the many forms of leisure prevalent in the locality.
- A wide span of amenities: Most condominiums possess a wide range of luxuries that comprise a swimming pool, rooftops, and health centers. When it comes to amenities, the Thiam Siew freehold condo can never be beaten up! Thus, the inhabitants need not walk out of their complex in search of these conveniences.
- Considerable security: Condominiums have great security and deter the likelihood of robbery or intruders barging into the estate. Most condos have numerous safety technologies to conserve the security of the inhabitants.