There are numerous types of real estates built all over the world and in recent times the most popular real estate that people are investing on are the condos. Condos is short for a condominium. This type of real estate is basically divided into various units and these segregated units are each owned separately. These separately owned units are surrounded by several ‘common areas’ that are owned jointly. More than one individual can use these common areas, and those individuals are mostly tenants or even tenant groups and the guests they have invited. It is just like home ownership, but the difference lies in the fact that the tenants need to share the building instead of a single family living in the house. So, if you are looking for a condo to live in, or rent it, then you can go for the Park Colonial Woodleigh MRT Station.
Specifications of A Condominium
There is a subtle difference between a condominium and an apartment. For starters, the tenants need to sign up for lease for living in an apartment, but in condominium units, there is no such thing as signing up leases. This type of real estate is outright owned by the tenants before living in the condo unit. Another important feature of condos is that the common areas of the condominium are owned collectively by all the tenants residing there. The common areas generally include laundry rooms, walkways, hallways, and a few more. These tenants also jointly own the common utility tools and amenities. Few examples of these common utilities are elevators, HVAC system, and tools like that. The most popular example of a condominium would be shopping malls. The reason lies in the fact that they are industrial condos as the individual office spaces and retail shops are owned by the agencies or businesses that work there. But the mall’s common areas are owned collectively by all the agencies that work and own those individual segments. The utilities of the common areas are collectively managed by the owners and thatis called homeowner association.