Think of advantages, disadvantages before you go for a condominium
Sourced By: New Vision
A condominium, or condo, is individually owned redisdential unit in a complex or building of like units.
In simple terms let's say it's an apartment of 20 residential spaces. You pay and own one of those spaces. This means you can use the condominium as you see fit. You can rent or resell it. Condo owners own their units but share common spaces, amenities and other resources like parking space, security fees, space to hand clothes from or a playground if there is any.
Considering the added fees, owning a condo is generally less expensive than owning a condo. Therfore, it is important to understand the implication before committing to purchasing one.
In Uganda, under condominium, there is no individual ownership of a plot of land. All the land in the condominium project is owned in common by all the homeowners. Condos in Uganda are regulated by the Condominium Property Act 2001 which allows one ot have a land title for a specific housing unit or condo within a building.
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