Realty.com » Resources and Services

Login • Register

Resources and Services

Consumer Guides

Condominiums

The easiest way to understand the concept of condominium ownership is to see at as an apartment you own (in fact, many condominiums are apartments that have been converted over the years). Your ownership extends inward from your interior walls, floors and ceilings. In addition, you are a partner, with all of the other owners in the complex, of the exterior structure (the foundation, exterior walls and roof) as well as any common areas and amenities (for example, swimming pools, clubhouses, tennis courts, play areas, etc.)

One of the requirements of condominium ownership is the payment of a monthly condo fee, which covers general repairs and maintenance to the common areas of the complex as well as (hopefully) build up a cash reserve for future needs. In general, all exterior maintenance and repairs are the responsibility of the condominium association, although you will be charged for them, either through your association dues or a special assessment (a one time charge assessed to all owners for, as an example, a new roof). The normal day-to-day maintenance of the grounds (some examples are cutting the grass, shoveling snow and maintaining the pool) are also the responsibility of the association. Interior maintenance and repairs (for example, replacing a dishwasher) are the responsibility of the individual owner.

In some areas, a condominium may be the only consideration that fits within your budget. The reason for this are simple. In general, the same square footage will cost less in a condo setting than it will in a single family home or townhouse, due mainly to land cost--you can build many more condos than you can single family homes on the same amount of land.

Advantages of Condominiums
* You will be responsible for little or no exterior maintenance or repairs.
* Many condominium communities offer amenities (pools, play areas, tennis courts, etc.) you may otherwise not be able to afford.
* Condominiums are often located in locations convenient to centers of employment and shopping.
* Condominiums are often more reasonably priced than other forms of housing.

Disadvantages of Condominiums
* You will be responsible for payment of Condominium Association fees.
* You give up more privacy when compared to single family homes as well as townhouses.
* You only own from your interior walls inward. The rest of the structure and all of the land is owned in common with the other condominium owners.
* When it is time to sell, it can often take longer to sell a condominium.

Is a Condominium for You? It is if...
* You want absolutely nothing to do with exterior maintenance and repairs.
* You like the idea of amenities (swimming pools, tennis courts and the like) but you don’t like the idea of having to pay for them on your own.
* You like the safety of numerous and nearby neighbors.

This article courtesy of The Home Buyer’s Information Center, a complete guide to buying a home. 2002

More Popular Entries

Additions & Remodels

Soundproofing Techniques
Small Kitchen Projects Can Make a Big Difference
Easy Financing Options for Remodeling

Agents (Real Estate), Appraisers & Home Inspectors

Home Inspections
The Final Walk Through
Townhouses

Appliances

Installing Appliances
Selecting Major Appliances
Repair Dishwasher and Water Damage

Builders (New Homes), Architects & Designers

Conventionally Framed Home Builder
Checklist: Preventing Builder Fraud
Workout Room

Carpentry & Cabinets

Tip: Dealing with Dryrot
Cabinet Options
Tip: Repair Laminate Countertops

Cleaning Services

The Importance of Air Duct and Vent Cleaning
Prevent Wear with Fabric Protection
Ways to Clean Your Carpet

Concrete, Brick & Stone

Fireplace Efficiency
Fireplaces
Tuck-pointing

Consumer Guides

Using a Tree Stump Removal Service
Remodeling Increases Value
Planning Small Plumbing Installation

Design Ideas

Let it Shine!
Soundproofing Techniques
Designer Touches with Drywall

Electrical, Telephone & Data

Air Conditioners
Tip: Electrical Safety
Surge Protectors

Expert Advice

Repair Cinderblock Foundation
Maintaining a Residential Air Conditioner
Water Damage

Flooring

Reviving Wood Floors
Custom Looks with Standard Tile
Refinishing Hardwood Flooring

Handyman Services

Do-It-Yourself Compared to Hiring a Pro
Checklist: Fall Maintenance
Checklist: Biyearly Maintenance

Heating & Cooling

Install the Right Kind of Wood Stove
Tip: How to Maintain Your Wood Stove
Misting Systems and Their Positive Effects on Plants

Home Construction

Getting Design Help for Remodeling or a New Home
Remodeling/Room Addition Project
Water Damage in Bathroom

Landscape, Decks & Fences

Tennis or Game Court Facts
Metal Fencing
Masonry Materials

Moving & Storage

Some Assembly Required
Preparing Your House for Sale
Remodeling Increases Value

Other Services

Customized Hot Tubs
Pool Heaters
Organize Your Garage for Approaching Messy Weather

Painting & Staining

Electrostatic Painting is the Way to Go
The Importance of Paint Removal
Peeling Paint

Plumbing

Tip: Drain Clearing Service
Tip: Repair a Septic System
Frozen Pipes

Quick Tips

Tip: Air Conditioner Maintenance
Tip: Repair Concrete Flatwork
Tip: How to Repair Your Air Cleaner

Roofing, Siding & Gutters

Clean Gutters
Wood Shingle Siding
Helpful Roofing Terms

SP Feature Article

The Internet Will Change the Buying of Services

Walls & Ceilings

“Upgrade Batt, Rolled or Poured Insulation “
Tip: Insulation Basics
Nicotine Stains on Walls and Ceilings

Windows & Doors

Skylights
Replace a Mirror
Stylish Entry

copyright 2008 Realty.com