You have decided to have a high-rise property, but you are not sure to own a condominium or an apartment? Check out this article to find out differences between the units, facilities and also property value between this two type of properties.
Property Type Differences
Condominium and apartment are different in term of the types and design of the house. When we look at a condominium, they usually come in many types and design such as studio house, 2 bedroom house or 3 bedroom house while apartments are all been standardized to one type of houses. Next, we can look at the different unit size for both properties as the built-up size of each unit is usually depends on the developer itself. We can see that condominium has a much bigger size of house compare to the apartment that is much more smaller size. Lastly, we can see and feels the different environment between living in a condominium and apartment. We can look into the landscape whereby the condominium will have a much beautiful landscape while apartment has only a simple landscape and environment. Furthermore, there are cleaning services been provided in a condominium, where the cleaners are in charge to make sure that the surrounding area of the condo is in clean condition at all time. However, not all of the apartment have cleaners to keep the place clean.
Facilities that available
The difference between the facilities are usually, Condominium residence will be provided with full facilities like swimming pool, gym, sports arena, recreational area and also small convenience shop. On the other hand, the apartment mostly consists of limited facilities which include a swimming pool or small recreational and sometimes might not be provided at all. Next, we can look at the security of the place. Usually, the condominium will have a multitier of security starting from the guard house to the car park and the entrance of the house, but if in the apartment they only have one post of security that is at the entrance of the building.
Different value of the property
If we look at the value of the property, there will be a big difference between these two building. A condominium is much more expensive compared to an apartment because of the inclusive of all the facilities that were provided. Then we look at the rental return rate, the condominium will have a much lower return for rental compared to an apartment because of the price differences. Condominium rental rate is much more expensive than an apartment and usually, people that are looking for a place to rent will be young people or newlywed couple because of a tight budget. Next is the maintenance fees, which condominium sure likely to have a much expensive maintenance fees because they need to maintain all of the facilities and residential security. As for the apartment, they have lower maintenance fees because of the fewer facilities and security. Lastly, the resale value of the property which condominium resale value will be very high because of the high demands living in the city and also the facilities that were provided. Besides that, the resale value of an apartment also can be high depending on the location of the building and the maintenance of the building.
Ownership of the property
Sometimes we wonder if the unit can be owned by yourself? As for condominium, they are usually developed in a private property and the unit can be owned if we bought them. But different from the apartment, some of it is built by private developers and some of them are owned by the government. If the apartment is owned by the government they would have to go through few process to own the unit.