Property Type: Condominium

A condominium, or condo, is a form of housing tenure and other real property, where a specified part of a piece of real estate usually an apartment or house, is individually owned. Condominiums come with a lot of advantages; the main advantage being the complete legal ownership over the unit. Although, the shared areas of the hallway or stairs are jointly owned by other members in the building, one is allowed to change the interior or exterior of their homes according to their liking and taste. In addition, in condominium buildings, the maintenance of shared amenities such as hallways, gyms and swimming pools, is a joint expense and shared by everyone in the building. It helps to maintain and upkeep the high standards and allows the condo to retain its value. Also, the owners have the option to elect a residential society that oversees the maintenance of shared areas and the building altogether. Everyone has the same interest at heart; keeping the building or complex in proper shape, in order to increase or maintain their housing value.

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