CONDOMINIUMS
They are apartotels or apartment hotels. These units are developed on joint ownership basis. Each ownership purchases and has full right of and unit he has purchased and shares the cost common to the complex such as taxes, insurance, maintenance and upkeep of public areas including swimming pool, health club, parking, security, air conditioning, heating, cable, broad band, etc. Each owner can occupy or sell his unit independently but is required to follow the rules and regulations laid by the management. The owner enjoys the benefits of property, appreciation but need not bother about its maintenance, security, upkeep, insurance etc. He is required to pay yearly maintenance charges. In some cases a corpus can be made and the maintenance expenses are paid from the interest earned from the corpus. In some cases the management can help the owner in renting out the property. They take the full responsibility of the owners’ units’ safety and also pay to the owner a major portion of the rent earned from renting out. Usually, the management requests the owners to rent out in case of major conferences. The management earns a major portion by renting out conference hall and from catering.
A condominium, frequently shortened to condo, is a type of real estate divided into several units that are each separately owned.
Residential condominiums are frequently constructed as apartment buildings, but there had been an increase in the number of “detached condominiums” which look exactly like single-family homes but in which the yards, building exteriors, and streets are jointly owned and jointly maintained by a community association.
Unlike apartments, which are leased by their tenants, condominium units are owned outright. Additionally, the owners of the individual units also collectively own the common areas of the property, such as hallways, walkways, laundry rooms, etc.; as well as common utilities and amenities, such as the HVAC system, elevators, and so on. Many shopping malls are industrial condominia in which the individual retail and office spaces are owned by the businesses that occupy them while the common areas of the mall are collectively owned by all the business entities that own the individual spaces.
TIME SHARE & VACATION CLUBS
Time shares and vacation clubs are both means for frequent travelers to save money. Which one is best for you depends on your travel preferences, flexibility and finances.
Time sharing
Unlike
a vacation club, time sharing involves the purchase of real estate. You
buy a week or weeks to use a furnished condo, cabins or other
accommodation that offers all the comforts of home, including a kitchen.
Time sharing limits travel options to one location, although often you
have the opportunity to swap with owners of timeshares elsewhere in the
country or the world.
Vacation Clubs
Membership in vacation clubs covers multiple locations. Some vacation
clubs resemble timeshares in that they offer fully-furnished,
home-styled accommodations. Clubs such as one offered by Disney provide
discounts to all of its resorts and theme parks. Hilton club members
receive discounts at all the chain’s hotels. Ask if the club will give
you a trial membership so you don’t have to commit yourself immediately.
Financial Obligations
Timeshare owners pay an initial fee to purchase their block of time and
then annual maintenance fees that can rise over time. They can sell
their block of time, much like any other real estate transaction.
Vacation club member pay a single annual membership fee and generally do
not have membership options.
