What is a Condominium? Real Estate Vocabulary!
Автор: Sigma Real Estate Studios
Загружено: 2021-04-19
Просмотров: 1166
A Condominium is a unit in a multiunit building or townhouse complex.
The owner of a condominium unit owns the unit itself and has the right, along with other owners, to use the common areas but does not own the common elements such as the exterior walls, floors, and ceilings or the structural systems outside of the unit; these are owned by the condominium association.
There are usually condominium association fees for building maintenance, property upkeep, taxes and insurance on the common areas, and reserves for improvements.
Condos are amazing if you still want to own real estate but don’t want to have to worry about all the hassle that comes along with maintaining the exterior of the home.
You can also find these usually in all shapes and styles, from high-rise condos, mid-rise, garden-style, and townhome styles.
Amenities can include things like gyms, pools, saunas, tennis and basketball courts, party rooms, and more.
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