What is actually condominium?

natal · Apprentice Joined: 28 Jan 2008 Posts: 3

The first important thing to know regarding condominiums, or condos, is that it is not the same as having or owning a simple flat. It is a sort of tenure with a lot of responsibilities. Namely, condominium signifies a collection of units, buildings, each with apartments that are rented out and with which the space between the walls is had by those who own a unit in a condo. Now, the responsibilities are not big for individual owners, but are large for the managing owners of the entire complex. In short, they have to do all the work of keeping the property in order, while the tenants pay for the services.

kelbee · Apprentice Joined: 15 Mar 2006 Posts: 1

Many people ask themselves whether they will have a normal flat, or a condo, or have some other type of tenancy. Now, it seems to me that condos are especially grateful to be both owned in terms of a whole, or as having a unit in the complex. In both cases it is financially pretty lucrative. Even though the responsibilities are not too demanding for owners of a unit, a managing company has a diverse responsibilities of maintenance with respect to the condo.

alden · Apprentice Joined: 15 Feb 2007 Posts: 1

I agree with the things previously said. Condos are indeed a great way of investing. Now, it seems to me that you should know that in condos, what is really owned, is the space between the walls of the tenants, while on the other hand the facilities, yard, space between units are owned by the company, or people in ownership of the whole complex. In that sense, most of the financial responsibilities are up to you, and most of the organizing tasks is up to them. Hope you find the info helpful.

What is actually condominium?

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