What Is Condominium? Difference Between Condominium Vs Apartment Vs Serviced Apartment

By Investoxpert | 24 Oct 2023 | Real Estate

A condominium is a dwelling—actually, a complex of dwellings—that is inhabited by people. They are frequently known as "common hold" and resemble apartment complexes in both structure and build. Condominiums are the right choice for you if you don't want to live in a large society or a complex building, as you already know.

Condominiums, which are frequently referred to as condos in short, may not be extremely common in India, but if you look around, especially in the west of the country, you may easily find them.

In the blog post below, we go over some of the fundamental distinctions between a condominium and an apartment versus a serviced apartment, as well as the benefits and drawbacks of condominium ownership and some of the best maintenance advice for homes like these.

What Is The Meaning Of Condominium?

A condominium complex is a big piece of property that has been broken up into individual apartments for sale. So how does a condominium vary from a typical property? The nature of ownership is where the majority of the discrepancies lie. When referring to an apartment, a family who buys a flat also has full ownership rights to the land on which the flat is constructed. In contrast, the ownership in a condo is a little different.

A condominium is typically a privately run apartment complex or community that is maintained by a landowner or individual. However, the owner/landlord has little control over how this sizable structure—which is home to multiple families—operates. An organization is created in these living situations to aid with property management. Typically, this is referred to as condominium management.

What Are The Key Differences Between Condominium Vs Apartment?

Condominium

The landlord is a specific condominium owner. In this instance, the condo is being managed either alone or perhaps with the aid of a property management firm.
India requires that any condominium construction include at least five residential units.
In this situation, there would be some additional costs associated with property management.
The majority of the costs for maintenance and upkeep are borne by the users of the area.
Better chances and a more individualized touch can be provided.

Apartment

Apartment green buildings must have room for at least 10 families.
An apartment is overseen by a corporation. Property management is not typically necessary in this situation.
In a housing society, the organization would offer the services through a RWA at a little cost.
There are some basic amenities in each unit.

What Is The Difference Between A Condominium And A Serviced Apartment?

The Service Apartment Vs Condo differences are as follow:

Utility Rates: Be aware that the laws governing dwellings varies between a condominium and a serviced flat. It follows that it should not be a surprise that they are subject to specific utility pay brackets. Be aware that a serviced flat typically charges commercial rates for its power and water.

Maintenance Fees: Since a serviced apartment's utilities are more expensive, it stands to reason that its maintenance fee will likewise be more expensive than those of a condominium.

Environment: Serviced flats are located in commercial buildings close to workplaces or malls, thus the area around them may see a lot of foot traffic. In contrast, a condo is a private residence with private security and no visitors lingering around the property.

Why Would A Condominium Owner Hire A Property Manager?

A condo or condominium is typically a component of an apartment complex and offers a range of amenities. You must therefore pay the property manager for the provided services. These services' primary costs include landscaping, cleaning and maintenance, gym and pool upkeep, and clubhouse amenities.

Are Condominiums Very Commonly Found In India?

In contrast to India, where condominiums are less frequent than society or cooperative housing models despite the concept of condominium ownership dating back more than 50 years in India. However, Maharashtra is where they are frequently found.

What Are The Advantages of Condominium?

The advantages of real estate investing in condominiums are:

Flexibility of lifestyle - Condominiums are ideal for many people who wish to live open-ended lives free of many limitations. There are no constraints placed on your way of life if you buy a condo unit, which is unquestionably a benefit.

Affordability - Condominiums are excellent for people who need a less expensive home. Typically, condominiums are less expensive than standalone homes.

Excellent connectivity: With various entertainment options and business centers. Condominiums are often found in the many well-known entertainment hubs, which is one of its distinctive qualities.

Diverse amenities - The majority of condos typically come with a wide range of amenities, such as rooftops, swimming pools, and fitness centers. As a result, the tenants typically do not need to leave the condominium complex in order to utilize all these advantages.

Excellent security - Condominiums provide excellent security and reduce the likelihood of break-ins. Therefore, the occupants of these homes are in complete safety.

What Are the Disadvantages of Condominium?

Some of the drawbacks of owning a condominium include the following:

Lack of extra room - Living in a condominium means you have no own outside space, such as a garden or backyard. This poses a serious disadvantage to the family's members, including the young children and pets.

Insufficient parking - Parking places are typically few in condominiums. If you decide to invite your guests, this can become a problem.

Pet restrictions: This is a common feature in condominium buildings. Therefore, this qualifies as a drawback.

What Are The Maintenance Of Various Types Of Condominiums?

Due of their minimal maintenance costs, condominiums are preferred by the majority of individuals. The general upkeep of each condominium unit is covered by a monthly or annual maintenance fee that the residents must pay.

So, there is no need for the residents to handle any maintenance difficulties themselves. The only thing the owners of condominium units need to do is alert the authorities so that they can fix the problems that have arisen. Additionally, some condos include provisions for periodic inspection facilities where repairs are made right away.

India's Condominium Ownership Structure and Management

The following list summarizes the similarities and differences between condominiums and apartments:

Apartments in India

A minimum of ten families should reside in each apartment.
The transfer of the land's title to society. Homebuyers are considered members of society, which is intended to be the owner.
In the case of the apartments, there is a cap on the transfer charge.
Each member of a society is only allowed one vote.
In the worst-case scenarios, each society has the authority to eject a member.
In the event of a dispute, either a cooperative court or a registrar under the cooperative court may hear the case.

Condominiums in India

If there are five units in a condominium, one person may build one.
The idea of society is non-existent here.
The rules may occasionally vary as long as the bylaws are complied with.
There may be a number of votes, proportionate to the premises.
As there are no clear formal norms, there is no such mechanism for dealing with the worst-case scenario.
In the event of a dispute, the issue would be heard and decided by the court that has jurisdiction over the condominium.

How to Choose Between a Condominium and an Apartment?

You will deal directly with the landlord when selecting a condominium to rent. You'll be renting from the condo owner, who you want to get along with as much as you can. Because no one else will have a direct interaction with them, that is why. You will speak with the owner for all requests for maintenance, payments for rent, and inquiries. You must be a responsible tenant because the landlord owns the unit. Your lease renewal could be impacted if you don't do it.

You'll probably have to work with several members of the property management team while selecting an apartment to rent. The property manager, the assistant property manager, and additional leasing agents are part of it. These personnel are in charge of managing the entire property, from assisting you with processing the rent and allocating maintenance to making announcements in the neighborhood and sending out reminders. They will also offer extra services like trash removal and pet poop cleanup, among others. Thus, a rental apartment offers a number of these benefits.

However, the decision as to whether to live in a condominium or an apartment is entirely yours. If you're unclear, attempt to grasp both more thoroughly. With that, you may decide what's best for you and establish yourself as a responsible renter.

Conclusion

So, now you know the Difference Between Condo And House, although a condominium shares many characteristics with a flat, it is still quite uncommon in India. These homes are set to become all the rage in the real estate industry due to their preferred small design and overall little maintenance.

Contrarily, apartments are more prevalent throughout the nation and are frequently chosen due to their easy accessibility and the amenities they provide.

If you're still struggling to decide between the two, we advise speaking with a knowledgeable real estate agent to discuss your wants and needs before deciding which one best suits you.

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What Is Condominium? Difference Between Condominium Vs Apartment Vs Serviced Apartment

What Is The Meaning Of Condominium?

What Are The Key Differences Between Condominium Vs Apartment?

Condominium

Apartment

What Is The Difference Between A Condominium And A Serviced Apartment?

Why Would A Condominium Owner Hire A Property Manager?

Are Condominiums Very Commonly Found In India?

What Are The Advantages of Condominium?

What Are the Disadvantages of Condominium?

What Are The Maintenance Of Various Types Of Condominiums?

India's Condominium Ownership Structure and Management

Apartments in India

Condominiums in India

How to Choose Between a Condominium and an Apartment?

Read Also : Top 10 Best Luxury Apartments in Kochi

Read Also : Top 10 Best Luxury Apartments in Lucknow

Read Also : Top 10 Best Affordable Housing Project in GoaRead Also : Top 10 Best Affordable Housing Project in Lucknow

Read Also : Top 10 Best Affordable Housing Project in Ghaziabad

Read Also : Top 10 Best Affordable Housing Project in Ahmedabad

Read Also : Top 10 Best Affordable Housing Project in Hyderabad

Read Also : Top 10 Best Affordable Housing Project in Bangalore

Read Also : Top 10 Best Affordable Housing Project in Mumbai

Read Also : Top 10 Best Affordable Housing Project in Chennai

Read Also : Top 10 Best Affordable Housing Project in BhopalRead Also : Top 10 Best Affordable Housing Project in Chandigarh

Read Also : Top 10 Best Luxury Apartments in Delhi

Read Also : Top 10 Best Affordable Housing Project in Kochi

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Read Also : Top 10 Best Commercial Property in Bangalore

Read Also : Top 10 Best Commercial Property In Chennai

Read Also : Top 10 Best Commercial Property In Ahmedabad

Read Also : Top 10 Best Commercial Property in Hyderabad

Read Also : Top 10 Best Commercial Property in Kolkata

Read Also : Top 10 Best Commercial Property in Lucknow

Read Also : Top 10 Best Commercial Property in Bhopal

Read Also : Top 10 Best Luxury Villas in Ghaziabad

Read Also : Top 10 Best Luxury Villas in Ahmedabad

Read Also : Top 10 Best Luxury Villas in Delhi

Read Also : Top 10 Best Luxury Villas in Kolkata

Read Also : Top 10 Best Commercial Property in Kochi

Read Also : Top 10 Best Commercial Property In GoaRead Also : Top 10 Best Villas in Noida Extension

Read Also : Top 10 Interior Designers In Ghaziabad

Read Also : Top 10 Interior Designers In Ahmadabad

Read Also : Top 10 Interior Designers in Chandigarh

Read Also : Top 10 Interior Designers In Kochi

Read Also : Top 10 Interior Designers In Lucknow

Read Also : Top 10 Interior Designers in Faridabad

Read Also : Top 10 Interior Designer In GoaRead Also : Top 10 Interior Designers In Bangalore

Read Also : Top 10 Interior Designer In Kolkata

Read Also : Top 10 Interior Designers In Chennai

Read Also : Top 10 Interior Designers In Bhopal

Read Also : Top 10 Best Interior Designers in Mumbai

Read Also : Top 10 Interior Designers In Hyderabad

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