What is a Condominium? Know the Difference with Apartments

What is a Condominium? Know the Difference with Apartments

Apartments and condominiums are high-rise apartments that can be an alternative when you are looking for a residence. Both have almost the same function, which can be used as a place to live or be invested in.

This multi-storey residential design is considered more efficient and effective for people who live in large cities, such as densely populated areas with limited vacant land. Well, for more details, here is an explanation of what a condominium is and what the differences are between it and an apartment. Come on, see the article below!

What is a Condominium?

There are many types of dwellings around us, from single houses to vertical dwellings. One type of vertical residence is a condominium. Then, what is a condominium? The word condominium is derived from English, namely condominium. Condominium is a combination of the Latin “con” meaning together and “dominium” meaning ownership.

In other words, a condominium is ownership of a property unit in a vertical residential building. The existing facilities in the condominium area, such as swimming pools, gardens, fields, gyms, and parking lots, are usually shared by the owners.

Difference between Condominium and Apartment

When viewed from the definition, apartments and condominiums are two almost the same thing. However, there are some differences between the two, which are as follows.

  1. Building Shape

The building form of a condominium is a vertical tower upwards, which usually consists of only 2-3 towers with more complete and luxurious facilities than apartments. Meanwhile, the shape of apartment buildings is the same as that of condominiums, except that the buildings tend to be taller and consist of more than 3 towers.

  1. Ownership Status

The ownership status of the condominium is completely intact. That is, the owner of the dwelling has full rights to the condominium. Meanwhile, an apartment is a residence that someone rents from the original owner.

  1. Care and Maintenance

Condominium maintenance and maintenance activities are the direct responsibility of the occupants themselves. As for apartments, generally, residents can report to the apartment management if they need care and maintenance of the residential unit.

  1. Management and Supervision

In general, condominium management is of two types. The first type, management is managed by the residents, the second type is managed by the direct condominium management. Meanwhile, apartments are usually managed by the management of apartment building developers.

Condominium Function

  • The main function of a condominium is, of course, as a private residence. The housing in this vertical building is likened to a residential house because the owner has full rights to the condominium.
  • Another function of condominiums is that they can become property investment assets, such as by renting them out to other people or buying and selling investments.

Condominium Characteristics

  • Although apartments and condominiums are both vertical residences, in fact, condominiums have different characteristics that cannot be equated with other types of vertical housing. Some of the characteristics of a condominium are:
  • Condominium maintenance costs are relatively more complex. This is because payments are made to one system, which includes maintenance costs, facilities, and others. Meanwhile, unit costs are borne by the respective occupants.
  • More secure security because it is managed properly.
  • Between one resident and another, they have fewer and easier socializing opportunities.
  • Condominium prices in Indonesia are relatively diverse, but the average price starts from 450 million to more than 10 billion.

Advantages and Disadvantages of Condominium

Every dwelling certainly has its positive and negative sides. Well, here are some of the advantages and disadvantages of condominiums that you need to know, including:

Advantages:

  • Strategic location, usually located in the city center, near main roads, close to shopping centers, and so on.
  • Become a high-prospect and profitable investment asset depending on how it is managed.
  • The facilities obtained are more complete and more luxurious.

Disadvantages:

  • The maintenance cost is higher because it is located in a vertical building.
  • The activity space is less extensive and more limited.

Condominium Management System

For those of you who want to own a residence in the form of a condominium, the management system can be done by yourself or professionally managed by the condominium management.

In a condominium unit, generally the dwelling is ready for use. This means that it has been fully furnished, or commonly called “full-furnished,” with an interior design that has been provided as well. This certainly makes it easier for you, because you don’t need to be confused anymore to buy the furniture.

This is an explanation of the meaning of condominium and the difference between it and an apartment. Hopefully, this article will be useful for those of you who are considering choosing the right residence.

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House Owner April 13, 2022 7 views
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