Types of Condominiums
We all know that condominiums are one of the trendiest places to live nowadays. But are you aware that there are actually different types of condos for you to stay in? Condos actually come in myriad types and it’s advised that you know these differences so that you can pick the right condo unit that suits you or your entire family.
Here are some of the types of condos complete with brief descriptions:
These types of condominiums are created and established on lands which declarants only have leasehold interests in the titles. Aside from this, they also have consent of the holders of the actual titles (“fee simple”) to develop condominiums on the land.
The reason why this kind of concept has been created is because owners/investors want to broaden options for the use of the land aside from having condominium buildings like hospitals, colleges, universities, commercial centers, etc.
These are condominiums in which the owner (the declarant) actually owns a certain condo unit and doesn’t merely hold a leasehold interest in it. Hence, in this setup the owner doesn’t only have a leasehold interest in the property; he actually owns it. These can be achieved by proper negotiation with the owner of the condominium building.
The “default” design condominium that consists of buildings that are subdivided into certain number of units as well as common elements. These buildings are usually surrounded in key areas like malls, hospitals, parks, schools, and other main urban buildings. Majority of these condo units in these buildings are for leasing and they are paid on either a monthly or yearly basis (but of course these would depend on the negotiation with the leaser and the caretaker of the building).