06/13/2011
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condominium is a form of home ownership in which individual units of a larger complex are sold, not rented. These units may be renovated apartments,
townhouses or even commercial warehouses. Contrary to popular belief, the word '
condominium' does not apply to the type of unit itself, but the legal ownership arrangement. Any multi-unit structure can 'go
condominium', meaning occupants must either vacate the premises or purchase their apartments outright.
Those who purchase units in a
condominium technically own everything from their walls inward. All of the individual homeowners have shared rights to most common areas, such as the elevators, hallways, pools and club houses. Maintenance of these areas becomes the responsibility of a
condominium association. Every owner owns a share of interest in the
condominium association, plus an obligation to pay monthly dues or special assessment fees for larger maintenance problems.
A
condominium arrangement is not the best option for every potential homeowner. There can be a noticeable lack of privacy in the common areas--the pool must be shared with every other
condominium owner, for example. Those who would prefer to own all of their amenities and maintain their own lawn and garden may want to pursue single home ownership options instead of a
condominium. It can also be more difficult to sell a
condominium unit as opposed to a home with acreage. Condo owners only own their units, not the ground beneath them.
Those who may benefit the most from
condominium living are veteran apartment renters who don't mind having close neighbors. Others may not want to be bothered with external maintenance or the responsibility of lawn care. The overall price of a
condominium townhouse may be much lower than an equivalent single-unit home. Buying a
condominium does allow equity to build, unlike paying monthly rent in an apartment complex.
One thing to be aware of when living in a
condominium setting is the political reality of an owners' association. Decisions may be made in monthly meetings which will cost individual owners more money, but not necessarily deliver equal benefits for all. It can be nearly impossible to avoid being affected by at least one condo board decision, so active participation in meetings and discussions may be more compulsory than you might expect.
Condominium living may be more advantageous financially than apartment rentals, but it does require more active participation in community events.
When you're looking to buy a home, there are plenty of choices available. One of them is a condominium. As you may already know, a condominium is a large property complex that is divided and sold in individual units. Compared to a single-family dwelling, ownership in a condominium includes partial ownership in shared "common property". This presents unique challenges for condominium buyers. If you're considering buying a condo, read on to learn a little more about this type of property and what ownership entails.
Quick Tutorial: How To Buy Your First Home
What's a condo?In a condominium (commonly known as a condo) some parts - your residence - are owned privately, while others - common areas - are owned collectively by all of the condominium's residents.
A less technical way to think of a condo is an apartment that you own. In practice, condos often take the form of an apartment or similar shared complex, but theoretically, a condo could physically look like anything.
Condos are especially popular in places with high property values - vacation hotspots and urban settings are both places where you can expect to find them on the market. This is largely because buying a single-family home can be prohibitively expensive in places where additional building space may be scarce. As such, condos can open home ownership to whole new groups of people Therefore, if you're ready to own your own home, but can't quite afford a house, a condominium could be a way for you to get into the market.
Searching for the Right CondoLooking for a condo involves the same process as shopping for a single-family home. If you have a general idea of what you're interested in, going to a real estate agent can be a great way to find out about properties that you might not be able to find on your own.
If you're more of a do-it-yourself person, you can search real estate websites and listings for condos in the area you are interested in. If you have a specific building or complex in mind, many offer on-site sales offices where you can learn more about the condominium and perhaps even view a show suite.
The Condo Sales ContractIt's not just the sales contract that you have to think about when you're buying a condo; condos also have an agreement, or declaration, that dictates the way the condominium operates and is governed. Before buying your condo, you should request and read the documents that apply to the management of the complex. What are the hot issues for this complex? How big is the condominium's reserve fund? How does management deal with owners' requests and complaints? Does the condominium impose strict rules and guidelines on owners that you would be unhappy with? You need to get a sense of whether the condominium you are considering is well run, whether the rules and restrictions would allow you live the lifestyle you're seeking and whether the building/complex is experiencing any problems that could hurt the value of your share of ownership in the future.
Keep in mind Real Estate Laws Vary By State. Ask or Call Robin Hudis for all your Manhattan or Long Island Real Estate Needs!
www.elliman.com/robinhudis
Reference:
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BRYANT PARK TOWER
http://www.wisegeek.com/what-is-a-condominium.htm
http://www.investopedia.com/articles/pf/07/buy-condo.asp#axzz1PB98dH7P
