A Guide to Buying a Condominium
The easiest way to understand the concept of condominium ownership is like seeing an apartment that you own (in fact, many condominiums are apartments that have become in recent years). Their property extends into the interior of their interior walls, floors and ceilings. In addition, you are a partner, with all other owners in the complex, the field structure (the foundation, exterior walls and roof), and all common areas and services (for example, swimming pools, Clubhouses, tracks tennis, play areas, etc.)
One of the requirements of condominium ownership is to pay a monthly fee of condominium, which covers general repairs and maintenance to the common areas of the complex and (hopefully) create a cash reserve for future needs. In general, all exterior maintenance and repairs are the responsibility of the condominium association, although you are charged for them, either through their association fees or a special assessment (once rated by all owners, For example, a new roof). The normal day to day maintenance of the reasons (some examples are cutting grass, shoveling snow and maintaining the pool) are also in charge of the association. Interior maintenance and repairs (for example, replacing a dishwasher) are the responsibility of each owner.
In some areas, a condominium may be the only consideration that fits your budget. The reason for this is simple. In general, the same square feet will cost less in a condominium scenario rather than a single family or village house, mainly due to land cost - you can build condos many more than you can in single family homes , The same amount of land.
You will be responsible for little or no exterior maintenance or repairs.
Many condominium communities offer amenities (swimming pools, playgrounds, tennis courts, etc.) that can otherwise could not afford.
Condos are often in places suitable for employment centres and shopping.
Condos are often more reasonably priced than other forms of housing.