Technically, condos are a collection of individual home units along with the land on which they sit. The boundaries of a condo are defined in many countries confined to the airspace of the real estate purchased by the individual owner A condo is considered to be of very high value and owning one is considered to be a status symbol by many. It is equipped with amenities such as a centralized heating system, an air conditioning system, elevators and hallways are executed under legal lights associated with the individual ownership and controlled by the association of owners. Condos are considered to be a prestigious part of Real Estate.
Those who purchase units in a condominium technically own everything from their walls inward. All the individual homeowners have shared rights to most common areas such as swimming pool, club house and the recreation areas. Condos are basically sold by real estate agents to wealthy businessmen. Condos are very popular among the elite class of people be it in developed nations such as the UK and USA or in developing economies such as India and Pakistan.
Property management is very essential for the upkeep of a condo. There are many firms and companies specializing in maintaining of a condo. Sometimes many people may just opt for rentals for a temporary period of time, mostly when they go on a vacation. In some countries, Condos are even being offered on yearly lease agreements by respective Real Estate developers.
There is no real way to define a Condo. A condo can be flat, located in an apartment building or it can be a big bungalow or a penthouse situated in a prime locality. Condos are now very popular in big metropolitan cities across the globe such as Los Angeles, New York, Miami, Chicago and Vancouver.
A condo is known by different names across the world. For example, in some states of Canada such as Quebec it is called as a syndicate of co-ownership; in British Columbia it is called by its regular name Condo. In Australia it is known as a ‘strata tile’. Since 2004 in England and Wales a condo is referred to as a ‘common hold’. The main attraction of this type of Real estate is the fact that one has the ability to obtain affordable housing in a highly desirable area that is generally beyond the budget of the average homeowner.
Whether you are buyers or sellers, all your home buying and selling needs can be met if you approach an established and trustworthy real estate firm. So do a little research and some asking around before you choose whom to approach for your dream condo. Online medium can also be resorted to as these days internet is an excellent resource for your home buying or even to find a good buyer if you wish to sell your real estate.