A condominium is considering as a hybrid kind of ownership different from conventional housing units. What makes a condo different from an apartment? Some specific characteristics define a condominium. Condos are individually owned units that form a part of a larger building. Besides what you own, condo owners have access to shared amenities that are shared by all property owners in that neighborhood. That said, here are some facts worth knowing when buying a condo.
One of the primary attributes of condo living is the presence of common areas. In simple terms, common areas are areas where all owners have a share. This often includes things like swimming pools, parking lots, elevators, and halls. Other things that all communally owned include installations like gas, water, and electricity. Thus, before buying a condominium, you should be well aware that shared facilities are not meant for exclusive use. The homeowners association usually manages these facilities.
As previously suggested, there is some authority that is needed to manage some parts of the condo. The management team that runs the condo is known as the homeowners association. This team is often set up when the condominium is created with the sole objective of ensuring the whole facility is managed properly. This task is often delegated to a property manager or team, which is paid to do this by each property owner.
If you own a condominium, you should be prepared to pay something as the facility is managed on your behalf. These amounts are payable to the association at some time of the year or month. Ideally, these amounts are meant to cater for things like taxes, pool maintenance costs, landscaping, garbage collection, and building construction and in some cases as part of some emergency fund. In case of an emergency, the management does special assessments, and the financial burden is passed to the owners.
Why condo living?
Ideally, condominium living is different from living in a single-family home. Certain privileges come with condo living. Presence of shared amenities makes this housing option convenient in many ways. For instance, the costs of maintaining these amenities are shared. Moreover, once you have settled the association dues, it is up to them to ensure that everything runs accordingly.