What is a Condominium
A condominium is one of the types of joint ownership or possession of an entire object. This applies in most cases to a house or any real estate.
Such a mechanism is not used worldwide, but only in a number of certain States. For example, condos for sale in Garden City South Carolina are in great demand.
Many people living there are looking for condos for sale garden city sc, because of their excellent conditions and location with a beautiful view of the sea and quay.
The term was formed from the Latin words “con” and “dominium.”
What is a Condominium: Definition, Disadvantages, And Advantages?
General Definition
A condominium is a form of ownership of a residential complex, in which each apartment included in it legally belongs to its owner, and non-residential territories and common areas (hall, elevators, technical rooms, courtyard) are the common property of all people living here.
The concept of a “condominium” can cover not only one house but also a whole complex of buildings.
It includes a land area, a residential building, and other immovable objects located within the complex.
Residents who own a residential complex under this ownership right regularly organize meetings during which they resolve essential issues related to the management, maintenance, and maintenance of the common property.
Thanks to this form of ownership, its owner has the right to freely move around all the building territories.
Organizational Differences Between a Condo and An Apartment
Life in a condominium differs from an ordinary apartment in a number of organizational differences:
- The presence of its own management company, which is engaged in maintaining the life of the condominium (maintaining cleanliness in the adjacent territory and inside the building, solving water supply problems, landscaping the territory, etc.).
- Utility payments are divided into the utility itself (payment for light, water, gas, and heat) and the payment of the management company.
- There are rules for living in a condominium, which residents must necessarily adhere to.
For example, it is forbidden to leave your own things in public areas, meaning corridors and stairwells.
Thanks to this rule, no one has to bypass a bicycle or a baby stroller in a narrow corridor.
- Separate garbage collection. To do this, there are specialized containers in the common area or even on each floor, which are cleaned daily.
- It is forbidden to keep pets in the condominium. An exception is made only for residents living in detached buildings.
But sometimes, the owners do not mind a small pet. Of course, if you have a Great Dane under one and a half meters at the withers, then this option will not work here.
Main Advantages and Disadvantages
The main advantage of any condominium is that there is no need to use additional financial expenses for it.
This is why this form of association differs significantly from the activities of management companies.
The elimination of problems with the house and property is carried out by the owners of garden city sc condo for sale themselves or by people hired by them.
In addition, the advantages of condominiums are also as follows:
- The possibility of making a joint decision on the methods of maintenance and maintenance of apartments, taking into account all the wishes of real estate owners.
- Constant monitoring of all communications and structural details of buildings, which all residents carry out without exception.
- The solution to the common problem of servicing the housing is rented for a temporary or long-term lease.
The main disadvantages of condominiums are the presence of sufficiently high requirements for property owners.
This applies not only to their free time but also to certain knowledge and skills. Incorrect and incorrect decisions can lead to a deterioration of the housing situation.