Defining Condos
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.