A condominium is a term used for a type of joint ownership of real property in which some portions are individually owned while other portions of the property are commonly owned. The term 'condominium' is mostly used in United states and in most provinces of Canada. In Australia and the Canadian province of British Columbia the term strata title is used. The word 'commonhold' is used in England and Wales. 'Condo' is frequently used in place of condominium.
Meaning of Condominium The word condominium isn't any type of unit itself, rather it is a form of home ownership in which individual units of a larger complex are sold, not rented. The units may be the apartments, townhouses or even commercial warehouses.
It is one of a group of housing units in which each homeowner owns his individual unit separately and the common areas are shared by all the owners. Usually the individual units share walls but it isn't a requirement. The basic difference in a regular single home and a condominium is that there is no individual ownership of a plot of land. The lands are owned in common by all the homeowners in a condominium project. The exterior maintenance of walls, roof, etc is provided by the condominium association, while the interior maintenance is looked after by the individual homeowners.
Commercial Condominiums Buying a property, whether as a residential or a commercial one, is inexpensive than taking it for rent. The professional and business firms are looking for owning a property rather than leasing. Constructing or buying an entire building may be a good option for large corporations and firms but for small and medium class organizations it isn't a beneficial choice.
The frequently used commercial condominiums are the office buildings. The demand for condo spaces is mainly from doctors, lawyers, advertising firms, other service companies and from small private organizations as well. Generally they don't need large capital in their business. Their occupancy of a particular location may add value to their businesses.