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Finance > Real Estate > Defining Condos
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Article rating : 0.00, 0 votes. Author : Stephen Kreutzer
Condominium’s may be a confusing concept to some people. Condo’s represent a housing option that takes the step between apartment dwelling and home ownership. Condo’s, like apartments or home ownership, come both their good and bad things.
Condominium’s look much like an apartment complex. There are multiple units and they can be either townhouses or one floor. The difference between apartments and condo’s is that a condo is owned. The owner gets a title to the unit. The difference between condo’s and home ownership is that with condo ownership the owner only owns the actual condo, not the land. The whole group of condominium owners in a complex owner partial title in the common areas, like hallways, swimming pools and roofs.
Condo’s are managed by a property owners’ association. This association rules many things. Condo owners must pay a fee to the association which is used to maintain common areas. The association also manages what condo owners can and can not do. For example, a condo owner can do what they like inside
their unit, like paint, but the outside is ruled by the association. In most cases there are rules that forbid alterations to the outside of the units. An association provides everyone with an opportunity to speak their mind at a scheduled meeting, however, final rulings are made by the association.
Condo’s provide a way to own your own dwelling, but without the hassle of having to maintain the outside area. Like apartment living, though, condo owners are somewhat limited with their freedoms regarding the outside of their condo. You should understand what you can and can not do before signing a contract. You should also look at your other options and see if an apartment or a house might suit your needs better. Getting to know about the condominium complex before moving in is probably the best bet to ensuring you will be happy with your decision.
About the author: Stephen Kreutzer is a freelance publisher based in Cupertino, California. He publishes articles and reports in various ezines and provides condo information on Condo Central.
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