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What is a Condominium (Condo)?
It is an Attached Residence that You Own.
(Flat = 1-Story, Townhouse & Townhome = 2-Stories)
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Description:
A Condominium (Condo) is a form of real estate ownership in which each owner holds title to his/her individual unit, plus a fractional (joint) ownership interest in the common areas of a multi-unit complex. The individual owners share the common space (land) and common facilities. There are residential (homes), commercial (offices, stores), and industrial (factories, warehouses) condominiums.
There is a Condominium or Homeowner's Association which acts as a community government and maintains and insures the common elements. The association levies a fee per unit to pay for its functions. The association has a board of directors that is elected by the individual owners from among those owners who are interested in serving. The condominium board hires an off-site property management company or an on-site staff to handle the day-to-day operation of the complex.
Each separate unit in a condominium complex is also known as a Condominium. It is an individually owned apartment, office, store, or warehouse in a multiplex building or group of multiplex buildings.
Each owner pays their own property taxes, insures the interior of his/her unit, and is free to sell, lease (rent), or mortgage it. A condominium owner's tax position is the same as that of a single-family home owner. However, there are covenants and restrictions (rules and regulations) that govern how each unit can be used and transferred and how the common elements can be used.
Types of Condominiums:
Buildings can have as little as two units (a duplex) or numerous units (a multiplex). There are some cases where detached homes are set up as a condominium in which all of the land and exteriors of the buildings are maintained as common elements by an association.
Units within buildings that are single-story are known as Flats. The entire unit is on one floor.
Units with two levels (floors) and an interior stairway are known as Townhomes or Townhouses.
A multi-story building can be all flats or townhomes or a combination of both.
There is no limit to the number of stories (floors) a condominium building can have.
A condominium building can be all residential, all commercial, or a combination of both.
Advantages of Condominium Ownership:
1. Condos are generally less expensive to purchase than a detached single-family home of the same size, age, and features.
2. There is less work and responsibility than owning a detached home because the condominium homeowner's association maintains and insures the building structure, exterior walls, roof, lobbies, exterior stairways, elevators, landscaping, parking areas, recreation facilities, and drainage areas.
3. They make excellent student residences, single-parent residences, second homes, and vacation homes because of item 2.
4. There might be some utilities and services such as cable television, high-speed internet, water, sewer, or trash collection included in the association fee.
5. The complex might be gated or have security guards on duty 24 hours or part time.
Disadvantages of Condominium Ownership:
1. You are legally obligated to pay monthly or quarterly Condominium Association fees to cover your share of the common maintenance items. A lien will be placed against your unit if you fail to pay the required fees.
2. The Condominium Association is the equivalent of a local government and disagreements among board members with differing opinions and politics might become annoying.
3. Everyone lives in close proximity and noise from adjacent units or those above or below can be disturbing.
4. If there is no attached garage and no reserved parking spaces, as is true with many condo complexes, you may have to park away from your unit.
5. You may need a stairway or elevator to reach your unit.
6. You may have to carry trash to a dumpster far from your unit.
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Mark Cohen, Broker
EYEMARK REALTY, INC.
Gainesville, FL 32653 USA
Florida Licensed Real Estate Broker
352-373-3783 Office 352-222-5609 Cell
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