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Mike Hunter / General Information, Helpful Buyer Info, Helpful Seller Info / buyer agent, buyers, co-op, complex, condo, condominium, coop, listing agent, owner, ownership, seller agent, sellers, type, unit /
Often mistakenly referred to as a type of construction or development, it actually refers to the type of ownership.
A condo (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 share the ownership of the common areas (walls, grounds, fences, facilities) with the other owners in the complex.
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?
1. A condo unit is less expensive than owning a single detached dwelling which may take you years to save for before owning it.
2. Amenities and shared facilities like the pool, clubhouse, and weight room are usually part of most condominium complexes.
3. 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?
1. Depending on the condo complex, there might be some restrictions such as on owning pets, or having outdoor barbecues.
2. Owners are also required to follow some rules of conduct on common areas such as passageways and lobbies.
3. 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?
Co-ops are very common in New York city, not so much in the Boston area. A Co-op is a actually a different type of ownership than 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 also often different for Co-ops than for condos. The corporation also has the right to refuse to sell you shares based on any number of subjective criteria by the board of directors … that does not occur in condos.