A CONDOMINIUM is a property where you own a
shared interest in certain “common areas” and unique
ownership of a specific “unit”. It is generally governed by
a Board elected by the ownership and regular Homeowner
Association “maintenance” fees are assessed by the Board and
have foreclosure rights if not paid.
There are wonderful benefits to “condo” ownership:
Once condominiums were for people who
couldn’t afford or manage a separate home, today they
are homes of choice to people who want the freedom and
flexibility of common interest housing.
Someone else does the maintenance of
yard, common areas, and general structure. You are
usually responsible only for your individual unit, but
you have the right to enjoy all the amenities.
The price of a condo may be less than
the price of a single family home.
Most often they share walls, floors and
ceilings, and roofs, creating an economy of construction and
Condominiums come with a “community” of
co-owners. It is likely that the same kind of people are
living in the community as are you and other people who
are attracted to the complex. When making a major move
to a new location, it is a nice way to make new friends
These same co-owners will also be
interested in the management and operation of the entire
complex. Talking with people before you confirm your
purchase is smart, to be sure whether there are any
difficult issues between members of the association.
People who like to fix and resell will
find that condominiums allow great benefit from interior
remodeling and redesign without the possible risk of
serious structural or systemic issues that can arise in
single family homes. Cosmetics is often a very
In the 70’s even 80’s condominiums
suffered a lower appreciation than they earn today.
Today they are generally equitable with the appreciation
seen in single family homes.
And finally, some people are attracted
to the security of gated or locked complexes,
neighborhoods with people around them in case of
No doubt there can be problems. But bad
neighbors can come in homes also. Sound can be an issue in a
house, and most other issues can be addressed through
collaboration with the Association.