Owning a flat in a condominium is now becoming one of the most common phenomena in urban living. However, many still resort to the fact of having built a house on their premises. While building the home of your dreams is still a popular choice among people, owning a flat is a financially wise choice. So, in this article, we will highlight a few features of condominiums that make it better than owning land and constructing a house on it. Piccadilly Grand virtual showflat tour is a project built over acres of land, having numerous benefits.
Understanding condominium
As per the urban dictionary, a condominium is classified as a building or a cluster of buildings in a said premise that contains several apartments in it. These apartments can be owned by individuals or a group of individuals. Earlier the concept referred to the concept of real estate wherein the flats or apartments were leased out to tenants. However, the concept has been modernized into flats or apartments in a building or a group of buildings that can be rented out or used by the owner.
When it comes to condominiums, Piccadilly Grand is one of the best upcoming projects that have all the amenities of a complex or society including a gymnasium, swimming pool, games room, parking lot, library, and other facilities as well.
Condominium complex – a deeper connection
As already mentioned, a condominium can be defined as a large property that is divided into small units framed for sales. Now, it is quite similar to society complexes or stand-alone buildings in a few aspects. However, it differs in terms that, unlike regular properties, the ownership of the land or the property doesn’t reside with any single entity. Thus, if you are a residential owner in a condominium like Piccadilly grand, you will just be a stakeholder in the decision-making of the complex but not the sole decision-maker like in the case of a single property.
So, in the case of condominium structure, there is no right of ownership with the landlords and no functional say in the property management. However, there may be a homeowner’s association that can come together to maintain the functionalities and oversee maintenance and other operations.
What is better – condominium or house?
The answer to this question may not be as simple as it seems. There are several factors when it comes to comparing these two properties. For many, the condominium is better as they don’t have to bear the liability of building materials and construction but for some buildings, a home has a different value. So, we will discuss some aspects of condominiums and houses in this section.
We will begin with building the house of your dream. The hustle and tussle that you have to go through with building a home start from acquiring land. And lands are very costly if you do a proper search. Depending upon the location, region, proximity to business hubs and airports, road connectivity, the lands will cost more than a fortune. Even if you address this issue and purchase land, you will have to contact builders, architects, and promoters to work for your dream house. You will have to work closely with the architect to design the rooms, façade, balcony, floors, and pillars. So, in short, you will have to invest more time, effort, and money.
When it comes to condominiums, you will also have to invest your time, effort, and money. But as compared to the house, the cost will be much less. You will get ready-made designs for the condos to select. You will also get a dedicated parking space and other amenities like gymnasiums, lobby, sports complexes, games room, and other features based on the propositions from the builders and promoters.