Condo Types To Suit Your Convenience
Condominium is a generic term to define a mode of apartment living, which follows ownership and community-level sharing relationship. Condos are not just of one type. There are many modes and types of acquisition and operation of condos, most of which will be discussed further in this article.
Before diving into the proper technicalities of actual categorization, a commonly well-known category comes to mind – the location of a condo. If you’ve ever thought of buying one, this must have been the first thing to come to mind. Luxury waterfront condos, condos for sale downtown, and the like - one researches very thoroughly to find a condo in just the right location. Location of your condo is important to consider with respect to your lifestyle and daily routine. For vacation purposes, you may want to go for a remotely located condo with serene environment. For daily living, condos inside your main city would be a better choice.
Coming back to more “technical” categorization: The first most prominent category is the Freehold Condominium. This type is the one where the land on which condos are built is owned by the condo developer. Once you purchase a condo unit, the land deed can be directly transferred over to you. Usually found on such lands are low-rise condos and row type condos. One may even find high-rise condos in this mode. Freehold condos have a few subcategorized types – common element condos, phased condos, vacant land condos and standard condos.
They’re discussed one by one:
- Common element condos are exactly what the name says. The residential units have no exclusive elements of their own, rather, these elements are common for all units. For example, a common park, a common swimming pool or a reserved beach area common for all residents. In this type of condo living, community involvement is maximum as all the residents chip in for operations and maintenance of the facility.
- Phased condos are just regular condo units with a unique mode of sale. A customer can gain possession of his condo unit as soon as its construction is complete, even if neighboring units are still under process. The catch is that the developer MUST be in the position provide all amenities necessary for living before the handover. Sale of condos in this mode allows the interested party to move in and start living even if the remaining units take years to complete.
- A vacant land condo is essentially a vacant piece of land when registered. Demarcated portions of such land can be sold for condo development. New owners can then build condo units, which, when counted along with the remaining adjoining land, are called vacant land condos.
- Standard condos are the ones which are carved out as a separate unit of a bigger building/structure. There are many standard condo units in a building. They may or may not contain common elements.
- Another major category of condominiums is leasehold condos. In this mode, the interested party leases a piece of land for at least 40 years and builds a condo. This does not give the party the ownership of that land.
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About The Author
Donald Finnigan in a real estate expert and celebrated write who is known for his informative articles and blogs that are geared towards helping people make the best property purchase choices. He recommends EchelonOnPalm.com as the name to trust when it comes to houses and condos in Siesta Key, Florida.