What is a Condo
really?
The easiest way to understand
the concept of condominium ownership is to see at as an apartment you own
(in fact, many condominiums are apartments that have been converted over the
years). Your ownership extends
inward
from your interior walls, floors and ceilings. In addition, you are a
partner, with all of the other owners in the complex, of the exterior
structure (the foundation, exterior walls and roof) as well as any common
areas and amenities (for example, swimming pools, clubhouses, tennis courts,
play areas, etc.)
One of the requirements
of condominium ownership is the payment of a monthly condo fee, which covers
general repairs and maintenance to the common areas of the complex as well
as (hopefully) build up a cash reserve for future needs. In general, all
exterior maintenance and repairs are the responsibility of the condominium
association,
although you will be charged for them, either through your association dues
or a special assessment (a one time charge assessed to all owners for, as an
example, a new roof). The normal day-to-day maintenance of the grounds (some
examples are cutting the grass, shoveling snow and maintaining the pool) are
also the responsibility of the association. Interior maintenance and repairs
(for example, replacing a dishwasher) are the responsibility of the
individual owner.
In some areas, a condominium may be the only consideration that fits within
your budget. The reason for this is simple. In general, the same square
footage will cost less in a condo setting than it will in a single family
home or townhouse, due mainly to land cost--you can build many more condos
than you can single family homes on the same amount of land.
(Want to understand what a
Townhouse is? Click here)
