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.
Defining
Condos