A few years ago, there were only two ways in which you could dwell in a property – either rent/lease it or own it. But, with changing times, people are coming up with innovative ideas. A Condominium is one of such innovations. In this article, we shall see what this new concept is and how it has an upper hand. Let’s get started.
What is a Condo?
A Condominium (or Condo in short) is a new concept in the field of real estate market, where you will be a partner-owner of a real estate. This means that you will be one of the owners of a particular real estate entity. Companies like riviere by frasers property come up with great condominium deals.
For example, if you have a housing society with a number of flats, if you are in for a condo deal, you will be a member of the Association of Housing. You will be the owner of your particular flat. But, you will be contributing to the overall maintenance of the society. So, funds collected from all the members of the society will be utilised towards the maintenance.
Benefits of Owning A Condo
#1 You are free from maintenance works
If you are a person very busy with work, travel or simply don’t want to take care of all the maintenance chores, buying a Condominium has its benefits for people like you. In lieu of a monthly charge, other people will take care of painting, maintenance of the swimming pool, basketball court, etc.
If you live alone and security is the major concern for you, here’s a piece of good news!! Condos offer locked entries, doorkeepers and security persons to ensure that you and your household are both safe.
#3 Amenities at lower cost
Everyone dreams of owning a tennis court, swimming pool, fitness centre and what not. But, not everybody can afford to own them privately. You are one among the owners of such amenities when you purchase a condominium. So, all the amenities in a condo could be a community centre to you and your family.
#4 Affordable prices
Condominiums offered by ventures like riviere by frasers property come at lower prices than single-family homes. So, if you have a tighter budget but need to own a home, condominiums are probably the best option available.
So, these were a few perks of purchasing condominiums. Make sure you consider all the pros and cons along with your financial situation and make your real estate deal. All the best!!