A condominium, or condo, is an individually owned residential unit in a complex or building of like units. Condo owners own their units but share common spaces, amenities, and other resources. They pay condo fees, which cover maintenance costs, amenities, and the upkeep of common spaces.
Is a condo good for a family?
Condo buildings are known for having large common areas perfect for hosting and gathering as a community. Indoor community centers, open outdoor spaces, and even pools are huge perks for providing family entertainment.
Are condo Owners shareholders?
If you own a condominium, your apartment and a percentage of the common areas (called the “common elements”) belong to you. A co-op owner — often called a shareholder — does not own the unit. In fact, you could call that person a tenant.
Can a family member live in a condo?
As a condo unit, we were under the assumption that it would be fine to have family members living there. But the managing agent is saying that I would have to be treated as a subleaser/tenant and am required to fill out a full lease application package, application fees, credit checks, recommendation letters, etc. etc. Is there grounds for this?
Who are the owners of a condominium building?
Condominium management is usually made up of a board of unit owners who oversees the daily operation of the complex, such as lawn maintenance and snow removal. A condominium, or condo, is an individually owned unit in a complex or building of units.
Is it good to own a condo as an investment?
If you want to own physical real estate in an expensive city, condos are basically the only game in town. Although many people don’t like condos as investments, the truth is that you can turn a nice profit owning and renting out a condo even with big, bad, scary HOA fees.
Do you own the air space in a condominium?
Owning the air space of a unit in a multi-unit development is one description of a condominium. As this description indicates, the condo owner’s title to the property does not include the four walls that divide their unit from other units or common areas in the property.
