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Condominiums
 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.
Condominiums
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Advantages |
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Disadvantages |
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You will be
responsible for little or no exterior maintenance or
repairs.
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You will be
responsible for payment of Condominium Association fees.
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Many
condominium communities offer amenities (pools, play areas,
tennis courts, etc.) you may otherwise not be able to
afford.
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You give up more privacy when compared to single family
homes as well as townhouses.
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Condominiums
are often located in locations convenient to centers of
employment and shopping.
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You only own
from your interior walls inward. The rest of the structure
and all of the land is owned in common with the other
condominium owners.
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Condominiums
are often more reasonably priced than other forms of
housing.
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When it is
time to sell, it can often take longer to sell a
condominium.
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Is a Condominium for You?
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You want
absolutely
nothing
to do with exterior maintenance and repairs.
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You like the idea of
amenities (swimming pools, tennis courts and the like) but you don't
like the idea of having to pay for them on your own.
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You like the safety of
numerous and nearby neighbors.
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