Asked by: Basem Molinuevoasked in category: General Last Updated: 30th June, 2020
What do you own in a condo?
Keeping this in view, what do you actually own when you buy a condo?
Basically, condo buyers will own the condominium unit itself, and what's called an “interest” (along with all the other owners) in the “common elements” (sometimes called “common areas”) of the condominium project.
One may also ask, why you should never buy a condo? One of the popular reasons not to buy a condo is that you have to agree to follow numerous rules that your HOA sets. These rules often contain common-sense restrictions like avoiding loud noise, taking care of the common space and only using up a few parking spaces.
Similarly one may ask, is it a good idea to buy a condo?
That's because, for the most part, a condo is a substitute house. They're the kind of property people buy only in the most robust markets. If there are a lot of units for sale in a condo neighborhood, it could take a year or more to sell your unit. This is a major reason why condos are often converted to rentals.
What makes a house a condominium?
A condo, which is short for “condominium,” is a private residence owned by an individual homeowner or family in a building or community with multiple units or townhouses. Although they are usually part of a larger high-rise building, "detached condominiums" also exist.