Real property ownership – condominium

Real property ownership – condominium

Are you in the market looking for a home? Several options come into play. For instance, the majority of home buyers, roughly 83 percent prefer buying single-family homes. These statistics were arrived at by the National Association of Realtors & Research. Other buyers opt for cooperatives, townhouses, and condominiums.

Single homes and townhouses defined

It’s quite easy to identify a single-family home when you see it. At this point differentiating among other types of homes can be challenging. It all narrows down to the question of ownership. For instance, single homeowners own the home structure. By structure, we are referring to the garage and house as well as the land on which it rests in. At this point, an individual will be forced to part with extra for more acreage. As for townhouses, you own the exterior and interior, lawn, driveway, and roof. Most townhouses are multi-unit complex units. This means you do not have ownership of any common area. Since townhouses are designed in rows, you are forced to share one of your interior walls with your neighbor. Homeownership through cooperatives is common in large cities. In this homeownership model, you do not own the home, instead, you own shares in the corporation that owns it. Your home size is determined by the number of shares you own. This will affect your maintenance fees, taxes and any other costs.

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Guide when buying a condo

A condominium or sometimes referred to as condo is one unit within a large multi-unit development. In this case, you only own the interior of the unit. A homeowner association owns all other aspects including the hallways, lobbies, facilities, and lawns. Owners of condos or townhouses pay a monthly, quarterly or yearly fee to their homeowners association. The money is to cover maintenance among other costs. As to compare the cost of units, it depends on the location and the amenities and other features of the condo. But, mostly condos near or within the heart of the city has a higher cost than to the opposite. Nim Collection Price is one that you can refer to arrive an informed choice when it comes to the value consideration of condos.

Condos are considered an exclusive form of homeownership as it does not follow the traditional laws of homeownership. Those considering of buying condos should understand how homeownership really works so that they do not get caught unaware of their obligations as a homeowner later. Several technical and legal factors define the ownership of condominiums.

So what exactly do you own?

Buying a condo is buying a single unit within the building or community. Within this units are the kitchen, bedroom, and other rooms. Other areas within your ownership are the interior walls, patio, balconies and storage areas. The fact that you do not own the land does not mean it is not qualified as real property.

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What about the common areas?

All other parts of this property are referred to as limited common areas where all unit owners share ownership. The common areas comprise of all building parts including the halls, lobbies, floors, ceilings, elevators and foundations. The commonly shared installations are the air conditioning and heating, gas, electricity, and water. The parking areas and land on which the establishment rests on not within your ownership.…