Explanation of Condo and Apartment
Many do not know that the use of the term condominium is actually different from an apartment. If we are more familiar with the word apartment, then what is a condominium? Basically, the two terms have the same meaning, namely vertical housing or flat housing. The only difference lies in the ownership rights. Condominium or commonly called condo comes from English, namely condominium. This word itself is a combination of Latin, namely con which means together or joined, and dominium which means ownership or control. From this meaning, it can be understood that condominium is joint ownership of the building. How to Own a Condo in Singapore? Visit our website to get the answer.
Although both are vertical residences, the shape of the two buildings has differences. Condo buildings are usually equipped with only two or three towers. While the apartment buildings are parallel to the other towers. The facilities are also different. Usually, condos provide luxurious facilities, such as a large swimming pool, fitness center or gym, spa, sauna, and others. While the apartment has limited facilities.
If you own an apartment, you need to promote your apartment to tenants. Not with a condo. Because the function is indeed for sale, the management of this residence is carried out more professionally by the building management. In addition, condos are usually equipped with furniture or furniture that is complete with a professional interior design. It’s certainly very efficient, so you don’t have to bother buying the furniture. In other words, after buying, the condominium is ready to use immediately. In contrast to apartments which can usually still be found in a state of only empty rooms. If you want to add furniture, residents usually have to negotiate first with the owner of what furniture they want to include and use.
What we know is that apartment maintenance costs such as security costs, water cleanliness, electricity costs, and so on are carried out separately from the purchase price or rental price. However, not with condos. Almost the same as the financing of private home maintenance, all forms of condo financing have been carried out and calculated at the beginning. Owners no longer pay monthly fees such as parking fees or other shared facilities. So, don’t be surprised if this residence does have a much more expensive selling or buying price.