What is a condominium?

I used to be confused about what is a condo apartment. Let me clarify this based on what I understand. A condominium (sometimes referred to as a "condo") is a sizable property complex made up of distinct units, each of which is owned independently. The owner typically owns the internal structure and external wall components of a condo. Read on to learn more about condo apartments.

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What is a Condo Apartment? 

A condominium is a building that has been split into smaller, privately held units, with communal spaces owned jointly. For example, consider a society with multiple buildings including different flats. Although each of these flats is now privately owned, every person shares joint ownership of the other areas, like playgrounds, gardens, gyms, and other amenities.

To ensure a peaceful living environment for all residents, the association oversees and maintains the common areas and enforces any applicable rules or regulations. The association receives monthly fees or dues from condo owners to pay for maintenance, servicing, and management of the common spaces.

Advantages of Condo Apartment

• It provides a lifestyle that requires

  less maintenance

  .

• Additionally, it grants access to

  top-notch amenities

  such as a pet park, business center, swimming pool, barbecue area, etc.

• Compared to individual residences or townhouses, condos can often be

  less expensive

  .

• A lot of condo associations use

  safety

  measures for the safeguarding of their members and the community. This could be as simple as having a security guard and cameras in the entrance lobby.

I hope you got an idea what are condo apartments.

What is a condo?

Unlike a regular residential apartment, a condominium is a single unit within a huge residential building which is owned and managed by the individual who owns it. This landlord or buyer doesn’t enjoy rights on the land on which the whole property is built but the condo only. In India condominium meaning wasn’t clear until a few years ago as it is a western concept. 

Now that we are clear about condominium meaning, let us look at a few differences between condo and apartment.

Condo meaning and difference from an apartment

As mentioned above, a condo is a single housing unit in a big residential building whereas an apartment is a suite of rooms that collectively form an apartment. Here are key differences between a condominium and an apartment.

Management

Condominium:

A single owner manages his/her own unit

Apartment:

usually, the services are provided by a corporation

Maintenance

Condominium:

A condominium is managed by the individual, upkeep and maintenance charges depend on the owner.

Apartment:

The maintenance of an apartment is usually looked at by the Residents Welfare Association.

Built

Condominium:

the laws define condominium in India as a building which has at least 5 housing units.

Apartment:

whereas, an apartment building must house at least 10 families.

A quick look at condominium meaning in Hindi:

Condominium translated in Hindi is सम्मिलित आवास

I hope you are now aware of condominium meaning and will be able to explain

what is a condominium easily to anyone.