A condominium is often called a condo. It is a large complex made up of individual units, where each unit is owned separately. The management body of a condo is made up of a board of unit owners, whose work is to oversee the daily operations of the whole complex. It may include snow removal and lawn maintenance tasks.
The owner of a condo owns the inside air space and shares an ownership interest in the community property such as walls, sidewalks, floors, and exterior areas. The owner has to pay the charge of property upkeep in the form of monthly payments to the condo association. Sometimes to cover the major repairs, condo owners are asked to pay an extra sum of money.
The main difference between a condo and an apartment is the concept of ownership. An apartment is usually rented whereas a condo is owned.
Amber Sea freehold is a highly anticipated project located along 30 Amber Gardens in District 15 of Singapore. The whole building stands at a land area of 40,917 square ft. and, comprised of over 132 housing units. The Far East Organization has supported the complete development to get prepared and win the hearts of its prospective residents.
How does the whole condominium work?
When it comes to ownership, a condo owner exclusively owns the inner separated space of his condo. But the exterior ones are shared by everyone in the condo. The residential high-rise sort of condo offers housing facilities for several different families. Sometimes the residential townhouses do concert into condos and the concept is also applied to the commercial properties.
There are different ways a condo developer may treat his residents. Their parking way allotment and garage spaces do vary. In some condominiums, these are reserved as limited common areas and the association maintains the ownership. Though it gives exclusive right to the unit owner to use the garage or the space. Whereas in other condos, the unit owner purchases the garage or parking space and has ownership as well.
Condominiums vs Apartments
Here the owner has the key role. You generally own a condo unit but if it is an apartment, you take it on rent. The apartment units are usually owned by a single owner and the whole buildings are left to be used for the rental purpose. Moreover, the condos that are rented for some time to the people are termed as apartments only.
Requirements of a condominium
The statement of constraints, pacts, and condition is a formal report that sets forth the regulations for the owners of the unit. In short, the document reflects the ideal use of that condo. It defines the acceptable area of an owner that he can access.
Contact Amber Sea freehold and without being limited to lease tenure, just owns your property for an indefinite duration. Not only the current but, there is a range of upcoming amenities that will surely make this whole location more valuable in the future. Another freehold condo you can consider is The Avenir. Read property review of The Avenir here.