Condominiums tend fall into the love them or
hate them position for buyers. Here’s primer on condominiums.
Condominiums
Condominiums are all about communal living,
which can be good or bad depending upon your personal views. This
type of communal living doesn’t refer to the failed experiments of
the sixties wherein hippies packed into a structure and shared
everything. Instead, the modern condominium community is all about
sharing common spaces as well as rules, rules and more rules.
Condominiums come in all shapes and forms.
Condos can be found in a single high rise building in a downtown
area or in an apartment complex type of layout in a planned
community. The structure isn’t the determining point. Instead, the
issue is how the properties are owned.
Unlike a stand alone home, the property lines
on a condominium are the walls of the structure. Essentially, you
own everything inside the condominium as your individual property.
Everything outside the condominium is owned jointly with the
people who own the other units. These areas are known as common
areas and are subject to group rule.
Every condominium has a homeowners association
in one form or another. The association has rules set out by the
original developer regarding landscaping and so on. Members of the
community are then elected to the board of the association,
whereupon the immediately become a focal point of aggravation from
individual owners and often wonder why they took the thankless
job.
Condominiums
– Should You Consider Purchasing One