The term condominium or ‘condo’ as it is popularly called by the younger hipster generation is a housing plan that allows a person to have a house without the baggage that comes with running a home. A condo is a single housing unit owned by a private entity in a communal setting. There is no difference between a condo and a condominium as they both mean the same thing. With a condo, you get to buy a house in a real estate development as a single unit. Although there is a huge real estate development, you get to own a piece of it.
Condos are popular with a more youthful population because of their convenience and practicability. In the setting of a condominium, your focus as the owner is more on the interior of your house. The hassle that comes with maintaining a compound is eliminated by a professional management company. There is no need to worry about trimming your hedge, cleaning your pool or shoveling snow off your driveway. All these tasks are performed by a professional management body. This leaves homeowners with more time to focus on other tasks in their lives. Simple living is the key selling point of a condo to somebody who wants a house with minimal upkeep.
When comparing prices, a condo will offer a better price in comparison to a single family home. Since it’s a single unit in a massive project, condos benefit from the discounts of scale that developers enjoy. A developer will enjoy discounts from bulk buying in the process of building a condo, this is translated to the final consumer as an attractive buy offer. Due to affordability, condos are a good option for somebody with a relatively small family. Condos pose a small tax obligation since they occupy little space, this means it is cheaper to maintain a condo as its utility bill will be smaller.
Living in a condo offers access to community living, you have the opportunity to live in a vibrant setting. Some homeowners fancy living in an environment that offers good social settings. With a condo, you get plenty of neighbors who belong to the same social class as you are. The constant interaction can be thrilling and comforting to new owners who will feel as part of a larger community. Security is also greatly improved when people share a common living space, instances of criminal activity are easily noticed and addressed.