Housing properties come in different types and sizes; and depending on what kind of housing property you’re looking at, that will determine both the living costs and living experience that you are offered. Given this, a condominium, which is also called a condo for short, is one of the housing properties that offer a variety of benefits and experiences. Although, this would also ultimately depend on what kind of building type the condo for sale in question is. First and foremost, however, a brief overview of what condos are would be a good way to get into condo building types.
What Are Condos?
A condominium or condo is “a large property complex” that houses a community of units, wherein “each individual unit is privately owned.” The space within an individual condo unit falls under the ownership of the condo unit owner. However, all condo unit owners have a “nonexclusive interest” over the “community property,” which is basically everything outside the condo unit interior which is part of the residence that the condo is a part of. The “community property” is the common areas and amenities such as swimming pools that the condo unit owners have joint ownership over.
Community Property and Condominium Management
Condo unit owners have joint ownership over the “community property” because one of the general requirements of owning a condo unit in the first place is to agree to monthly payments for the maintenance of the “community property.” The one who manages the maintenance or upkeep of the “community property” is condominium management which is also called a homeowners association.
The condominium management typically consists of condo unit owners themselves. When there is an available condo for sale that an individual buys ownership of, the condominium management or homeowners association will be the ones to oversee the applied “covenants, conditions, and restrictions” on the “community property” that the new condo unit owner has to agree to upon buying ownership of the available condo for sale.
Condo Building Types
The kinds of “community property” available depend on the condo building type you are looking at. There are three kinds of condo building types: low-rise condos, mid-rise condos, and high-rise condos.
Low-Rise Condos
Low-rise condos are generally one to three stories – also known as floors – high with a detached parking space from the condo building itself. They are the smallest condo building type compared to the others. However, its small size comes with its own unique benefits, depending on the development.
Low-rise condos are the most affordable condo for sale in terms of monthly payments compared to other condo building types because it does not have that many floors and units for each floor. Moreover, it is because of this that this condo type has “relatively faster turnover and completion timelines” compared to high-rise condos. Although just like high-rise condos, low-rise condos have great resale value.
The size of low-rise buildings generally influences the environment where it is typically placed. Low-rise condos are typically located in less, if not the least busy sections of a city; however, this does not mean that low-rise condos are too far away from major roads and highways. The busier parts of the city are usually a few minutes away, which means that the environment and neighborhood surrounding low-rise condos are a lot more relaxed and intimate. There is usually evidence of pleasing greenery, walking and park spaces, ponds, gardens, and the like in a condo for sale.
Takeaway
Crowds and noise are not a big problem in low-rise condos because of where they are typically located. With less traffic, both vehicular and population-wise, low-rise condos offer the perfect housing property for those who want a condo for sale with serene and tranquil living.
Mid-Rise Condos
Mid-rise condos are generally four to twelve floors, wherein the parking is usually detached from the building. This means that a mid-rise condo for sale has more units than a low-rise condo, bringing its’s own unique set of benefits.
Although bigger than low-rise condos, mid-rise condos are still much more affordable than high-rise condos. Typical amenities offered when living in mid-rise condos are its “parking areas, parks, multipurpose halls, and the like.” Moreover, a mid-rise condo for sale is offered at a good value since the location of the building is usually in the city, but it’s not in the busiest parts of the city like where high-rise condos are located in.
Given how mid-rise condos have more floors than low-rise condos but lesser floors than high-rise condos, mid-rise condos offer a sense of community without being too congested in terms of population. Moreover, because how mid-rise condos are located in the city but not in the busiest sections, there is ample green space surrounding mid-rise condos. This also means that there is easier access to essential services, such as grocery stores, schools, hospitals, and the like for its residents.
Takeaway
Placed within the city, mid-rise condos are located in areas that provide convenient access to essential services. However, it is also because of its not-so-busy city location that a mid-rise condo for sale is a perfect pick for those who want a living space that is both functional and free from congested living.
High-Rise Condos
High-rise condos are generally more than nine floors high and are the biggest condo building type. Because of their size, there may be longer travel distances when leaving an individual condominium unit, as well as large evacuation strategies or movements. However, high-rise condos themselves provide a series of benefits.
One of the main features of a high-rise condo for sale is the views they provide. Because of their location and height, high-rise condos provide a great view of the city skyline, especially at night. Moreover, even though high-rise condos are located in the busiest parts of a city, it is because of their size and height that high-rise condos place you at an altitude that is above the smoke, traffic, and pollution. Furthermore, the height of high-rise condos comes with the benefit of having more natural light.
The fact that high-rise condos are typically located in the busiest parts of a city provides advantages. High-rise condo unit owners get access to various establishments that are either near or within the high-rise condo building itself. Examples of these establishments are grocery stores, restaurants, shopping malls or areas, and the like. A high-rise condo for sale generally offers the most luxurious facilities and amenities that can be offered. Furthermore, high-rise condos have good resale values.
Takeaway
At the heart of the hustle and bustle of the city, high-rise condos offer great urban living. Hence, high-rise condos are perfect for those who want the convenience of living close to both work and great establishments. If city life is just for you, a high-rise condo for sale is the way to go.
Related Blog: The Benefits of Living in a High-Rise Condo
