Just What is A Condominium?
To appreciate the freedoms that a condominium lifestyle can offer, it is important to understand that condominium refers to the method of ownership, not the type of building. In a condominium, you own the interior space of your home. You and all the other homeowners in your condominium community jointly own all the physical and mechanical structures, from the hallways and elevators,
to the recreational facilities and even the outside grounds. These areas are for the shared use of all the owners. Owners may alter and decorate the interior of their condominium home to satisfy their own tastes. Your balcony or patio is also considered a common element even though only you may use it. When you buy a condominium, you accept all three levels of ownership. The condominium concept can easily be applied to any form of multiple-unit. This includes not only suites in low-rise, mid-rise and high-rise buildings, but also townhouses.
Shared Ownership
To accommodate the concept of shared ownership, a condominium corporation is set up to manage the maintenance and repair of common areas. You may be "king of the castle" within
your own home, but you are only one of the "knights of the roundtable" controlling the rest of the community. A Board of Directors is elected from among the owners to oversee the corporation's business, and bylaws are established to govern the safety, security and welfare of all residents in your development. You are part of a total community. You can choose to get involved as a director on the Board of leave the decision making to the others?it's your own personal choice. In selecting a condominium community, it may also be worth considering whether the other homeowners have similar lifestyles, financial circumstances and age groups.
Shared Responsibility
Just as you pay municipal taxes to pay for your share of city services, you are responsible for contributing your share of the common expenses for your condominium. These costs are covered by your monthly maintenance fees and vary according to the size of the community, its facilities and the services required. The kinds of expenses can include: security, landscaping, snow and garbage removal, underground parking and interior roadway maintenance, possibly recreation and social complex, and common-area utilities, insurance and janitorial service. They may also include the services of a property management company. In addition to these regular maintenance costs, a percent of your monthly assessment is deposited into a reserve fund to pay for any major repairs or replacements that may be necessary later on.
The Added Benefits
The shared ownership can translate into additional benefits for condominium homeowners, ones that they may be able to afford otherwise. The most common "extras" attributed of the condominium lifestyle are security systems and special amenities for recreation and social functions. It's important to examine the features being offered in relation to your own personal lifestyle because, of course, their cost will be included in your maintenance fees.
So Where Does the "Freedom" Come In?
The freedom afforded by the condominium lifestyle is perhaps the most alluring aspect of the
concept. You can go away for as long as you want and know that your home is secure, the building is maintained and the lawns are being cut in your absence. Gone are the worries and difficulties of major home repairs. A professional management company is in place to handle every aspect of common-area maintenance and repair. You get the most mileage for your money, and you don't have to worry. You can also have access to a variety of recreational and social activities and fully equipped facilities, that as a regular homeowner, you may not otherwise be able to afford.
Buying a Condominium
Some specific things to remember:
To appreciate the freedoms that a condominium lifestyle can offer, it is important to understand that condominium refers to the method of ownership, not the type of building. In a condominium, you own the interior space of your home. You and all the other homeowners in your condominium community jointly own all the physical and mechanical structures, from the hallways and elevators,
to the recreational facilities and even the outside grounds. These areas are for the shared use of all the owners. Owners may alter and decorate the interior of their condominium home to satisfy their own tastes. Your balcony or patio is also considered a common element even though only you may use it. When you buy a condominium, you accept all three levels of ownership. The condominium concept can easily be applied to any form of multiple-unit. This includes not only suites in low-rise, mid-rise and high-rise buildings, but also townhouses.Shared Ownership
To accommodate the concept of shared ownership, a condominium corporation is set up to manage the maintenance and repair of common areas. You may be "king of the castle" within
your own home, but you are only one of the "knights of the roundtable" controlling the rest of the community. A Board of Directors is elected from among the owners to oversee the corporation's business, and bylaws are established to govern the safety, security and welfare of all residents in your development. You are part of a total community. You can choose to get involved as a director on the Board of leave the decision making to the others?it's your own personal choice. In selecting a condominium community, it may also be worth considering whether the other homeowners have similar lifestyles, financial circumstances and age groups.Shared Responsibility
Just as you pay municipal taxes to pay for your share of city services, you are responsible for contributing your share of the common expenses for your condominium. These costs are covered by your monthly maintenance fees and vary according to the size of the community, its facilities and the services required. The kinds of expenses can include: security, landscaping, snow and garbage removal, underground parking and interior roadway maintenance, possibly recreation and social complex, and common-area utilities, insurance and janitorial service. They may also include the services of a property management company. In addition to these regular maintenance costs, a percent of your monthly assessment is deposited into a reserve fund to pay for any major repairs or replacements that may be necessary later on.
The Added Benefits
The shared ownership can translate into additional benefits for condominium homeowners, ones that they may be able to afford otherwise. The most common "extras" attributed of the condominium lifestyle are security systems and special amenities for recreation and social functions. It's important to examine the features being offered in relation to your own personal lifestyle because, of course, their cost will be included in your maintenance fees.
So Where Does the "Freedom" Come In?
The freedom afforded by the condominium lifestyle is perhaps the most alluring aspect of the
concept. You can go away for as long as you want and know that your home is secure, the building is maintained and the lawns are being cut in your absence. Gone are the worries and difficulties of major home repairs. A professional management company is in place to handle every aspect of common-area maintenance and repair. You get the most mileage for your money, and you don't have to worry. You can also have access to a variety of recreational and social activities and fully equipped facilities, that as a regular homeowner, you may not otherwise be able to afford.Buying a Condominium
Some specific things to remember:
- Size of the complex and size of the home
- Facilities offered - do you need or want them?
- Cost of operation, which impacts your maintenance fees
- The mix of residents expected to buy or that own in the development
- Read the bylaws. Are they too restrictive?
- Read the latest annual financial statements to satisfy yourself this is a fiscally sound operation.
- Location is important
- Make sure your lifestyle isn't opposite to the majority of your co-owners
- If you are buying into an existing development you might want to ask current residents about such things as sound proofing, management, etc.
- Will you receive adequate parking space? Is parking space included in the purchase price