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Published 2 years ago by massrealty with 0 Comments

What Are Condominiums?

If you have never purchased a home before, you're probably giving some thought to either buying a condo or a single-family home. Without a doubt, there are pros and cons to each housing choice. Buying a house is pretty straightforward. Buying a condo, however, can be a bit more complicated.

  • What is a Condo

    What are condominiums and how do they work? What are condominiums and how do they work?
  • What is The Definition of a Condominium

    When you are purchasing a condo there are far more things that need to be researched. After all when buying a condo you will be dealing with a homeowners association that have rules. This leads to the question what exactly is a condo? Is there a common definition when it comes to condos?

    One of the simplest things you need to know is that condo is the abbreviation for condominium. These words originated in Latin America dating back to the first century. Generally speaking a condo is a housing unit where individuals own their respective property. The units form a much larger community of other individual unit owners.

    One of the most common parts of ownership with a condo is having an HOA which is short for homeowners association. Condo owners are governed by the rules established by the association and must be followed. Homeowners associations are put in place for the good of all of the owners. Their job is to make sure everyone maintains their property.

    The downside on occasion with an HOA can be overbearing rules. If the wrong board members are elected and many owners are not paying attention, undesirable rules could be implemented.

    Part of living in a condo community will also entail paying either monthly, quarterly, or yearly condo fees. These fees are used to pay for the maintenance of the common areas and any perks located within the development. Common amenities which an owner may contribute towards could be such things as swimming pools, tennis courts, or a gym. These are just a few examples.

    Condos come in many different shapes, styles and types. Over at Maximum Real Estate Exposure, you can see a detailed description of all of the various kinds of condos.

    There are many different pros and cons going with the condominium lifestyle. Before choosing this housing choice these advantages and disadvantages should be researched thoroughly.

    One of the significant differences that must be researched is the financial health of the neighborhood in which you're considering. Finances can vary from neighborhood to neighborhood. You need to know that the one you're thinking about is financially sound.

    It is also vital when buying a condo to know if there are any special assessments coming up. A special assessment is when a capital improvement needs to be made. Often a special financial contribution needs to be made by all of the owners.

    For example, all of the decks may need replacement. A special assessment could be made to help pay for replacement. Buyers coming in need to research upcoming assessments to make sure they are not stuck with an unexpected financial burden.

    These are just some of the things that make up a condo. For a much more detailed overview be sure to check out the resource provided to learn more. It is a wonderful educational piece to learn about condos.


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