to have individual ownership of a building unit, as well as access to common areas. Common areas are owned and maintained by all residents in the complex. Common property areas include entertainment rooms, community kitchens, pools, tennis and basketball courts, walking paths, parking lots, stairs and sidewalks.
Condo owners own the air space rights of their units. However, the title to their deed does not include the walls, ceilings, or floors of their units that separate them from other owners. Examples of condos include community high rises and residential townhouses. They are commonly used for vacation homes. Both types can accommodate different sizes of families with different sizes and model units.
Condos are popular residential investment choices because they offer a lot of flexibility. The benefits of owning a condo include ownership of your residence and appreciation of your investment.
People choose to purchase condos for use as city homes, vacation homes and private communities in suburban areas. If you are interested in finding condos for sale, consider the following.
Review the condo’s management rules and fees. Ask yourself if you agree with their policies. The most common downside of owning a condo is the association fees and regulations. Be sure you value the amenities offered to you and agree with the fees for maintaining community property. Also make sure you agree with restrictions, such as interior and exterior personalization. Additionally, be sure you agree with the declaration of covenants, including terms for acceptable use of your property. Lastly, be sure you are good with policies for electing association board members.
One of the main attractions of owning a condo is the common property areas. The complex you’re interested in should provide everything you’re looking for; in the condition you want. A condominium complex consists of a community of unit owners. So, everyone has the power to add to or detract from the value and appreciation of the whole property. Take note of the residents in the complex. Ask yourself if you think they have the same shared interest of investment in the complex as a whole.