Individually-owned unit within a multi-unit development or complex, including an individual interest in the common areas and facilities used by the owners.
A condominium can be a great option for a buying a home. However, since it does differ quite a bit from a single-family home, a condominium is not for everyone.
Condominiums are somewhat like apartments. It is in a building with several other units. Each unit is individually owned. With a condominium, there can be neighbors above, below, and beside each unit. The common areas and facilities of the condominium complex are shared by each of the units’ owners. Also, some condominium complexes have amenities, such as a pool or workout facility, that are shared by all of the owners.
Since all of the common areas and facilities have shared ownership among the residents, their upkeep is also the responsibility of all of the units’ owners. However, this does not mean that you have to spend your Saturdays cleaning the pool at your condo complex. Instead, everyone pays homeowner’s dues. These dues go toward the general upkeep of the condominium complex.
There are some things to look out for with condominiums. For example, because you share walls with your neighbors, you need to check on soundproofing. Make sure the condo you decide to buy is quiet and that you cannot hear any neighbors walking above you, vacuuming below you, or watching television next door. Also, look to see how well the building is maintained and its quality of construction. During some economic cycles builders tend to construct condominiums rather quickly and may let quality slide a bit. Make sure it is well-constructed.
Condominiums tend to be the home choice for first-time homebuyers, singles, or couples without children. Anyone can buy a condominium, but they do usually have less space than a single-family home, and there is no yard, which can be a drawback for some people.