Multi-family or other structures in which units are individually owned and in which owners of individual units also own an undivided interest in common areas.
In this multiple-ownership property, a purchaser holds title to a specific unit in a high-rise, building complex or townhome community. Condominiums come in various design styles such as contemporary, vintage or loft. The buyer also has a percentage of ownership in the underlying land and common elements such as elevators, stairways, hallways and parking. Each owner pays taxes on his or her unit, as well monthly assessments the condominium association uses to maintain, repair and improve the property. Owners elect a condominium board, which governs the association and in most instances must approve new buyers. Condo owners must abide by the association's rules and regulations.
A structure of two or more units, the interior space of which are individually owned; the balance of the property (both land and building) is owned in common by the owners of the individual units. The size of each unit is measured from the interior surfaces (exclusive of paint or other finishes) of the exterior walls, floors, and ceilings. The balance of the property is called the common area.
A condominium is a unit within a condominium project. The project can be a group of houses or apartments in a building.
Fee ownership of individual units in a multifamily setting and a share of undivided interest in the common areas of the development.
Condominiums are typically less expensive to own than a detached house. With a condo, you own (and are responsible for) the interior of your unit. Upkeep of the building and grounds is handled by the condominium association, which is funded by monthly fees collected from tenants. The down side? Condo residents enjoy less privacy than residents of detached homes, and often have to adhere to strict rules regarding noise, use of common areas, renovations, etc.
Multifamily housing projects with individual units owned by occupants, who also own an undivided interest in the common areas and facilities of the project.
Condominiums are housing units that are contained within a development area in which you own your actual unit and a share of everything else in the development (lobby, parking areas, land, and the like, which are known as common areas). Condominiums are a less-expensive form of housing than single-family homes are. For this reason, condominiums are mistakenly seen as good starter houses. Unfortunately, condominiums generally don't increase in value as rapidly as single-family houses do because the demand for condos is lower than the demand for houses. And, because condominiums are far easier for builders to develop than single-family homes are, the supply of condominiums often exceeds the demand for them.
Condominium (condo) owners own their individual residential unit, and also have a right to use the common areas in the development, which are owned by the condominium association. The association maintains the property, pays taxes and insurance, and deals with improvements. A condo owner will probably have to pay association fees in addition to mortgage payments.
