Sarasota
Condominium
What is a Condo?
A
Condominium is a Type of Ownership
The building shape
could be a high-rise, a mid-rise, a townhouse, a garden up or down, or a
villa, either attached or detached from other units. When you buy a condo,
you have exclusive ownership rights to the interior space of your
particular dwelling unit but you own the common areas (walls, grounds,
fences, facilities) with the other owners in the complex.
Remodeling
Condo owners are
not free to remodel at will. Condominiums are governed by CC&Rs
(Covenants, Conditions & Restrictions), which dictate owners' rights, and
restrictions on those rights. For example, the CC&Rs may prohibit you from
painting the outside of your unit green, even though green might be your
favorite color.
Deed and
Benefits of Condos
Owning a
Condominium is very similar to owning other real estate. A condominium
comes with a deed and is very much like owning other types of real estate
in terms of financing, taxes, etc, with the added benefit of carefree
apartment living.
Condo
Maintenance
Maintenance of the
condo complex, however, is shared to some extent by the other co-owners.
When you buy into a condo or townhouse complex, you become a member of the
homeowner's association. As a member, you pay monthly dues to the
association. Your dues will normally cover the management of the
homeowner's association, hazard insurance for the complex and a certain
amount of routine maintenance. Precisely what is covered by the
homeowner's dues will vary from one complex to the next.
What is a co-op?
A co-op is also a type of ownership
When you buy a
Co-op, what you actually buy is a proportionate number of shares in
the corporation that owns the building. The corporation in which you
are a shareholder then issues you a proprietary lease entitling you to
live in the unit you have purchased.
Financing, the manner in which sales are recorded, rules and other details
are sometimes different for Condos than for Co-ops.
What are the House
Ownership Benefits?
A house
is a detached unit usually with a sole owner of the land it sits on
The main
difference between a house and a condo is that a house stands on its
own--it's a detached dwelling unit. A condo, on the other hand, is usually
attached to other similar units by a common wall or walls.
The ownership interest that you
receive when you buy a single family detached house is an exclusive
ownership interest. You become the sole owner of the building and the land
it sits on.
Remodeling
House owners are
relatively free to modify their homes to suit their personal needs. The
responsibility for home maintenance lies solely with a house owner. Some
houses have a neighborhood or community association. That can involve
neighborhood rules and paying a fee. This can vary from minimal to high,
for example, it could include country club benefits. Condos and Co-op
owners can also be required to pay a neighborhood fee.
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Condominiums
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