The condominium is better than a house in some ways. It provides you with the comfort of a house and even more. The condominium is gaining huge popularity among the people. Many people are looking forward to it. If you are interested in buying a condo in The Tapestry, you need to know the two basic types of condominium that you can choose from.
In leasehold condo, the entire construction is constructed on leased land. It is not necessary for the project developer to be the real owner of the land. The plot is generally someone’s else but the plot is rented by the landowner to the developer.
In freehold condo, the owner controls and handles the property. He owns the land and he could do anything with the land that he feels like. He is not answerable to anyone. However, there are four types of condominium.
- Standard condominium: This is the most common type of condominium. In this type, one building is divided into units and rows. Each unit is available for sale and you can buy these units or rows. The unit is then completely yours as you have bought it. You could do anything that you feel like. If the condo is not yet registered to your name, then you have to pay the rent until the procedure is completed.
- Phase condominium: These are that condominium which is made stepwise. Once the building is completed, then its units are given to the residents. Then, the next building is constructed and then given to another resident. The step is repeated. By doing so, the residents do not have to wait to shift in until the project is completed.
- Vacant land condo: The building in this type is constructed based on the number of registrations done. The constructions are done based on the resident’s needs. Once the required number of registrations is completed, the construction is initiated.
Once you know the different types of the condo, you can choose your type of condo depending on your needs and requirement.