Let’s say that as a person, you have only lived in landed property before and are now thinking of investing and moving into a brand new shining Condominium. Congratulations! However, one thing that might come to you as a shock is the fact that Condominiums is essentially a property that you “share” with others – you do not have 100% full control over it.
Indeed, one thing that most people do not know about the term “Condominium” is that the word does not actually mean “a fancy, posh form of housing” that most people believe. Instead, the term “Condominium” is actually a legal term representing ownership rights of a part of the property. When you buy a part of the Condominium, you own that particular part and you gain access to its facilities such as swimming pools, gyms, barbeque pits and much more.
However, notice that you do not own those facilities yourself! Therefore, if you think the provided BBQ Pits are too inefficient at cooking and doesn’t start a fire fast enough, you cannot drag them out and replace them with your own cooking pits! The best you can do is perhaps get a group of your other Condominium mates and write a letter to complain to the owner of the Condominium.
In fact, if you wish to have an influence on the nature of the Condominium, you will need to learn how to get along with others. You have to make friends and make a convincing argument to others on why certain things should change, subject to approval of the owner.
If this is too troublesome for you, then note that you do not need to bother with it at all. Some people are perfectly fine to sit back and relax as maintenance and repair of facilities are undertaken by the owners of a Condominium. Some people also enjoy the excellent security that they do not have to contribute to at all.
Due to the nature of Condominiums, you may have different feelings about the nature of living in them. That is something you have to decide for yourself but we believe that for certain people, the Pros outweigh the Cons.
We hope this has been helpful insight into your future plans of property investment. If you’re looking to take advantage of this opportunity, at Condo New Launches we have a wide variety of information on new properties for you to pursue.
