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A condominium is a type of ownership in real property where all of
the owners own the property, common areas and buildings together,
with the exception of the interior of the unit to which they have
title. Said another way, When you buy a condo, you have exclusive
ownership rights to the interior space of your particular dwelling
unit but you own the common areas (walls, grounds, fences,
facilities) with the other owners in the complex. Often mistakenly
referred to as a type of construction or development, it actually
refers to the type of ownership.
What is the appeal of a condo?
Condos offer you an alternative lifestyle for many individuals
especially those who prefer to be independent and have their own
place to call home that is affordable and at the same time more
convenient that buying a conventional home.
What kind of condos are there?
There are many types of condominiums available out there. Each type
can satisfy the different needs of different individuals. The
building shape could be a high-rise, a mid-rise, a townhouse, a
garden up or down, or a villa, either attached or detached from
other units. There is what is known as a condominium apartment and
there are those also known as condominium townhouses which might
have slight differences with each other save for their structure
type and ownership regulations.
What's the main difference between a condo and a single family home?
Condo living is much different from owning or renting a single
dwelling home or apartment. This is because of the dual nature that
comes with every condo unit ownership. Condominium owners hold
ownership over their respective units but each one sharing
responsibility over the operating costs and maintenance of the
shared elements in the property such as lobbies, passageways,
elevators etc. that are essential parts of a condominium complex. By
choosing to live in a condominium, you are choosing to live within a
community of other condo unit owners who become your instant
neighbors. Each condominium complex is a community in itself and
each owner accepts and follows the standard rules and regulations
unique to condo living.
What are the typical benefits of owning a condo?
A condo unit is less expensive than owning a single detached
dwelling which may take you years to save for before owning it.
Amenities and shared facilities like the pool, clubhouse, and weight
room are usually part of most condominium complexes.
You become part of a unique community where you are an integral part
in the whole decision making process.
What are the typical drawbacks of owning a condo?
Depending on the condo complex, there might be some restrictions
such as on owning pets, or having outdoor barbecues.
Owners are also required to follow some rules of conduct on common
areas such as passageways and lobbies.
Owners might not be as "free" in their home because they also have
to respect the rights of their neighbors living just on the other
side of their walls.
What is the condo fee for?
Maintenance of the condo complex is shared by all the owners. When
you buy into a condo or townhouse complex, you become a member of
the homeowner's association. As a member, you pay monthly dues to
the association. Your dues will normally cover the management of the
homeowner's association, hazard insurance for the complex and a
certain amount of routine maintenance. Precisely what is covered by
the homeowner's dues will vary from one complex to the next.
Is a co-op the same as a condo?
When you buy a Co-op, what you actually buy is a proportionate
number of shares in the corporation that owns the building. The
corporation in which you are a shareholder then issues you a
proprietary lease entitling you to live in the unit you have
purchased.
Financing, the manner in which sales are recorded, rules and other
details are sometimes different for Condos than for Co-ops.
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