Condominium : Know The Costs, Benefits & Drawbacks
A condominium is a building complex made up of several separately owned apartments. Condominiums are becoming more and more popular among purchasers due to factors like less maintenance requirements, amenities for co-living, and increased customization possibilities. But what sets condominiums unique from townhomes or apartments? Continue reading to see what sets condominiums apart from other types of real estate.
A condominium, sometimes known as a condo, is a sizable complex of separate homes. These units are all owned independently. Owners of this kind of living arrangement solely own the area inside the unit’s walls; everything beyond is shared space. Condominiums and flats are relatively comparable in terms of space. However, condominiums differ from flats and townhouses in terms of ownership, maintenance costs, and management powers.
In India, the idea of a condominium is not new. These are widely accessible in the western regions of the country, albeit being less common than flats or apartments. Most house purchasers in India do not have a thorough knowledge of condominiums because the term is not widely used in Indian real estate. Here, we’ll discuss condos and the main characteristics that set them separate from apartments and townhomes.
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A condominium complex is what?
Large real estate complexes that are split into individual apartments are called condominiums or condos. These clearly defined apartments have facilities that are often found in co-living communities and are owned independently. Owners of condominiums do not own the land on which the building is situated. Only the area within their apartments is theirs to keep. Additionally, they both have ownership rights to common areas like walls, floors, walkways, and staircases.
Condo owners have little control over how the complex, which is inhabited by several families, is run. Homeowners associations (HOAs), made up of a number of flat owners, are often in charge of managing and operating condominiums on a daily basis. This association takes care of the common areas, amenities, and complex exteriors of the buildings. Condo owners often contribute on a monthly basis to the upkeep of the building. The owners are also responsible for paying for any significant repairs that the property might need.
Condominiums are a typical inventory type in high-rise apartment buildings. These, however, are by no means restricted to residential property. Over the past three to four years, the idea of office condos has also grown in popularity.
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Townhouses vs. condominiums
Townhouses and condominiums are both privately owned. The homeownership experiences provided by these two homes, however, differ in terms of price, what you will own, and the area of the home you must manage. Condo owners possess apartments in a bigger building. The landlord, however, is the rightful owner of the townhouse and the surrounding property. Townhouses are often attached to other small homes in a row and do not stand alone; instead, they share walls with them. Townhouses are more akin to standalone homes and can have many levels. The property type does, however, need greater accountability and doesn’t have shared facilities.
| Condominium | Townhouse |
| Condo owners own a unit within a large property | Townhouse owners own the townhouse and propertyÕs surrounding land |
| A single unit in a larger complex. | Typically have front and back yards; can have multiple levels. |
| Part of the HOA and each condo owners need to pay regular fees and follow the rules. | Part of the HOA that oversees the welfare of the overall community. |
| Condo owners are only responsible for the maintenance of their units. | Townhouse owners are responsible for the upkeep of both the interior and exterior of the structure. |
Condominium vs Apartment
The main distinction between condominiums and apartments is ownership. Apartments are often rented, whereas condos are individually owned. They provide greater flexibility in terms of use because the owner may sell the apartment or rent it to renters. Property management firms that own apartments are in charge of renting out and using every apartment.
| Condominium | Apartment |
| Most condos in India have a minimum of five units. | An apartment complex should accommodate at least ten families. |
| Separately maintained by owners or homeowners associations. | Maintenance and services are offered by the management company. |
| Usually offer better facilities and more customisable. | Basic amenities are the same for each apartment. |
| May need to pay extra for property management. | Property management costs are usually not required.
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| Owners need to pay for maintenance and upkeep. | Required services can be availed of at a nominal cost through the ResidentsÕ Welfare Association (RWA). |
Condominiums Are Condominiums typical in India?
Despite the fact that condo ownership is a notion that has been around for more than 50 years, housing societies and cooperative residential complexes are more common in India. It is a very typical type of dwelling, particularly in Maharashtra in Western India.
Indian pricing for condominiums
Condominium prices in places like Mumbai range from Rs 90 lakhs to Rs 1.5 crore. Notably, condominiums between 600 and 1,000 square feet in size tend to include 2 or 3 bedrooms.
The benefits and drawbacks of condominiums
The benefits of having a condominium include:
- Flexibility in use: Because separate ownership exists, condos provide more freedom. For those who like flexibility and less constraints, it is perfect.
- Less obligation: Condominiums provide a shared co-living environment without the stress of property care and maintenance.
- Affordable: Since condominiums are less expensive than detached homes, they are ideal for first-time homeowners on a tight budget.
- Security elements and procedures are generally included in condominiums to deter trespassers from breaking in.
The following are a few drawbacks of condos:
- Condos lack privacy as a result of shared communal areas.
- Condo owners do not receive own gardens or backyards. Families searching for open-space apartments may find this to be a drawback.
- Limited parking spaces are found in the majority of condo buildings. Parking fees may be necessary for visitors.
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Things to think about before purchasing a condominium
When considering purchasing a condo, it’s important to consider HOA dues, additional costs for different maintenance services, and community rules. Learn more about the shared amenities that are offered in addition to important considerations like money, location, and transportation.
These insights might assist you in reducing the options so that you can make an informed choice based on your needs and lifestyle. Make a thorough review of current market pricing, inventory kinds, and supplied amenities before selecting a condo.
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