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If
you're in the market for a new home but not ready to tackle
maintenance chores such as cutting grass or exterior painting, a
Condominium is a nice alternative. They come in as many different
sizes, shapes and conditions as any other home and satisfy the
need to "own" your home rather than rent.
So,
exactly what is a condominium? It could be anything from a
high-rise to individual detached dwellings. What makes it a condo
is the shared ownership of common property, while retaining the
individual ownership of your portion. It allows the condo owner to
participate in joint decisions concerning the common area as far
as upkeep, improvement, etc. while retaining the ability to modify
their specific areas. The owner holds a negotiable title to their
individual unit which can be sold as real property while sharing
in ownership and operational costs of the property as a whole.
A
monthly fixed association fee is usually charged for routine
maintenance with assessments made for major repairs such as a new
roof. An association committee makes decisions for the group as to
how these matters are handled and there are usually regularly held
meetings where discussions take place on how to operate the
facility. It almost acts like a small city. You have a mayor
(Association President), a board of aldermen (Association
Committee) and regular citizens (Condo Owners). And there are
rules and regulations (By-Laws) that everyone agrees to abide by.
Condo
ownership can often be more economical and is a great option
for people who are unable or unwilling to take care of the more
difficult tasks of home ownership. First-time buyers, single
professionals, roommates, and empty nesters may be more inclined
to consider condo living. Parking areas, driveways, tennis courts,
grounds, and the pool are shared. Shared amenities may be seen as
a plus because as one of the owners, you have access and use of
the facilities, but you are not directly responsible for their
upkeep. This could be an ideal solution for busy
professionals or retired folk who wish to leave the time consuming
upkeep to others.
Some
of the problems of condo options can include poorly run
associations. Some associations may have insufficient reserves,
which can result in sudden, sharp dues increases. Another
potential problem to be aware of is that shared or common walls
may not offer you the kind of peace and quiet you would expect
from owning a home.
When
shopping for your condo, be wise. Make sure the building is well
constructed and in good shape. If the association fee seems very
low, watch out. It could be because repairs are not attended to
regularly. Find out exactly what is covered. You'll also want to
check out the neighbors. Are they the kind of people you will be
comfortable sharing your space with? Ask around.
There
are lots of options available, from the simple and small single
bedroom unit to elaborate homes with garages and swimming pools. With our lives becoming busier every day, many people
are choosing condo ownership for the best of both worlds.
Copyright
2002 PropertySource Network |
